Google joins $5 billion U.S. offshore wind grid project
By: Brad Cebula
http://www.msnbc.msn.com/id/39626515
http://money.cnn.com/2010/10/12/technology/google_wind_power/index.htm
The article I read talked about how Google is using its financial clout behind a proposed investment geared toward a new wind grid project off the eastern seaboard of the U.S. "This will serve as a clean-energy superhighway, with on-ramps for wind farms and the ability to be intelligently expanded," Rick Needham, Google's green business operations stated. "We can help kick-start an industry that can provide thousands of jobs" he later went on to say. Yet, while this article is talking about how technology is going to help a business—Google, it also is a pinnacle for the world to see how to invest in long-term green energy.
In my opinion, this investment is a home run. It is a win-win situation because it is going to set a national standard for how clean energy should be along with billions of dollars in long term revenue. It is influential to see how a private company is taking steps to develop an offshore transmission capacity that will help grow the offshore wind and renewable energy industries for the years to come in the future.
Many off the investors are concerned though because it is out of the company’s realm or industry. Investors worry Google will misuse its funds and appropriate them where it is not needed. However, I feel with a balance sheet of thirty billion, any misuse of funds will have a very miniscule affect on the search giant.
Green energy is the industry for the U.S. that is going to allow this country to prosper in the future just as the industrial revolution did in the 18th and 19th century. I truly feel this industry will get our nation out of this economic ruin; should we recognize and educate ourselves about the ramifications of not investing in this technology will be our true downfall.
However, truthfully I feel this project will never work in the near future, and by that I mean it will never get up and running due to one factor: politics. Just getting all the permits is going to take years, if not a decade. An example of this would be the wind farm proposal off the coast of Massachusetts. The president has very unclear energy and environmental policies in Washington. This is going to make it very difficult to get this project under construction in the given time frame. However, should they get all the permits for the 350 miles of offshore coastland, this project will have amazing potential. Yet, it must also be very difficult for some investors to wrap their heads around the magnitude surrounding this project. However, only until one of these projects is completed and succeeds will the domino effect begin.