The latest efforts to get the wind energy industry moving again is backed by an Internet giant, and it may give wind exchange traded funds (ETFs) the power they need.
Google (NASDAQ: GOOG) is investing in an estimated $5 billion power transmission system off the East Coast. The goal is to ultimately bring wind power to 2 million homes on the East Coast. Janet Babin for MarketPlace reports that this underwater transmission system will span 350 miles of coastline, from New Jersey to Virginia. [Green ETFs: The Way to Invest In Clean Energy.]
The investment is intended to actually increase wind energy construction along the East Coast – the largest barrier to the spread of wind energy. Yale Environment on Reuters reports that developing the nation’s offshore wind potential would also create $200 billion in “new economic activity” and 43,000 jobs. [Wind ETFs: Industry Hits a Calm.]
Another interesting fact: The Department of Energy report said that if offshore wind farms are densely developed along the U.S. coastline, such installations could theoretically provide four times the electricity capacity that now exists here.
For more stories about wind energy, visit our wind category. As you can see by looking at the trend lines, wind energy has suffered this year – in the last six months alone, both wind ETFs have lost about 32%. If you sign up for alerts, you’ll be notified via email when a trading opportunity is reached.
- PowerShares Global Wind Energy (NASDAQ: PWND)
- First Trust Global Wind Energy (NYSEArca: FAN)
Tisha Guerrero contributed to this article.
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.