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Long Island’s Offshore Wind Farm

Long Island’s Offshore Wind Farm. David Tobias 1.011 Project Evaluation. Overview. Energy generation in the US Offshore wind farms Proposal for Long Island Financial Analysis Risks and Uncertainties Non-financial costs and benefits Future. US Net Energy Production by Source in 2001.

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Long Island’s Offshore Wind Farm

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  1. Long Island’s Offshore Wind Farm David Tobias 1.011 Project Evaluation

  2. Overview • Energy generation in the US • Offshore wind farms • Proposal for Long Island • Financial Analysis • Risks and Uncertainties • Non-financial costs and benefits • Future

  3. US Net Energy Production by Source in 2001

  4. Problems with Current Energy • Fossil fuels • Environment • Foreign dependence • Nuclear • Public support • Need other sources Renewables

  5. New York State • Goal: “25% of electricity generated by non-polluting resources by 2013” • “We want to get there as quickly as possible” • “The Long Island Power Authority wants to lead the state in renewable technologies” Long Island

  6. Offshore Wind Farm • 100 MW capacity, 25-50 turbines • More consistent wind speeds • Does not use valuable land

  7. Project Schedule

  8. Financial Analysis • Cost of turbines $85 million • Installation cost $50 million • Annual O&M $4 million • Annual Revenue $22.5 million • Operational for 20 years • NPV of Project -$11 million

  9. Risks and Uncertainties • Reliance on technological advances • Unproven technology • State and federal permitting process • Financial uncertainties • Construction difficulties • Natural disasters

  10. Tropical Storm and Hurricane Tracks (1851 – 2000)

  11. Costs and Benefits • Visual impact • Off the coast of popular beaches (state parks) • Danger to wildlife • Birds • Fisheries • Endangered species • Hurts local fishing • Energy source only feasible due to government assistance • Freedom of energy supply • Replaces dependence on foreign oil • Environmentally sound • Prevents emissions of greenhouse gases and other pollutants • Reduces medical costs

  12. Future • Looks very bright • Lack of opposition so far • Government commitment • Wind power offers a valuable alternative to fossil fuels • Cuts down air pollution and greenhouse gases • Limited environmental and economic consequences

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