Mayor Bloomberg’s plan could make New York City the new Windy City while it helps power up wind-focused exchange traded funds (ETFs).
His proposal to generate more renewable energy for the city involves putting windmills on city bridges and rooftops, reports the Associated Press. Bloomberg doesn’t seem to be full of hot air, either: he has issued a formal request for companies around the country for ways to build wind, solar and water-based energy sources in the city.
Getting New York to become a major source of wind power could take years, but Bloomberg only has 18 months left in office. Other hurdles to overcome include neighborhood opposition, the high cost of both building and running them and the array of needed permits to get from state and federal agencies.
New York isn’t the only place where the idea of wind power is gaining traction. Texas also announced that they will invest $4.9 billion in facilitating the construction of wind turbines, according to the Examiner in Los Angeles.
Southern California Edison also said it would buy 909 megawatts of wind power in a 20-year contract with Caithness Energy, reports Ucilia Wang for Greentech Media. Edison is making an effort to meet a state mandate to get at least 20% of its electricity from renewable sources by 2010.
As New York’s plan moves forward, wind ETFs could benefit:
- First Trust Global Wind Energy (FAN), down 14.1% since June 27 inception
- PowerShares Global Wind Energy (PWND), down 12.4% since July 8 inception
The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.