Clean Energy Sources: Sun, Wind and Subsidies |
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January 8, 2009
In frigid water four miles off England's east coast, a floating crane is installing the last of 48 wind turbines. The 40-story-tall pinwheels are driven by two plentiful resources: ocean breezes and public funds.
In frigid water four miles off England's east coast, a floating crane is installing the last of 48 wind turbines. The 40-story-tall pinwheels are driven by two plentiful resources: ocean breezes and public funds.
Government subsidies are turning renewable energy into big business. Although fossil fuels remain by far the dominant energy source and generate big profits, in some markets government price supports are making renewable power a less-risky corporate bet than conventional fuels.
Wind farms "have a better return on investment than coal plants," says Anders Eldrup, chief executive of Dong Energy, a company based in Denmark that is shutting down coal-fired power plants and building wind farms, including this one in the U.K., called Gunfleet Sands. But that is true only in places with hefty subsidies, he says. "Without that, they wouldn't work."
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