However, building wind turbines or wave energy devices in an environment where weather regularly whips white caps to a frenzy and drives commercial fishermen to safe harbor brings higher development costs and technological challenges.
Those are not expected to dissuade a new generation of clean energy prospectors that is projected to install between 58 and 71 gigawatts of generation capacity, representing $52.2 billion to $78.6 billion in power production, by 2017 worldwide, according to a new study by Boulder, Colo.-based Pike Research. A gigawatt equals 1,000 megawatts or enough to power about 330,000 homes.
On another promising but more technologically uncertain front, Pennington, N.J.-based Ocean Power Technologies Inc. plans to install a specially designed buoy to extract energy from waves off Reedsport, Ore., reported Ocean Power Magazine (no relation). The company is awarding four contracts to Oregon companies in connection with the manufacture and deployment of its PB150 PowerBuoy.
The magazine reported that the new contracts brings the investment by the company into the local economy to more than $6 million, "creating or saving up to 100 manufacturing and marine services jobs at the four companies and their suppliers."
In offshore wind, most of the development will take place in Europe with the United States accounting for between 2.9 and 6.2 gigawatts, said study authors Peter Asmus, Pike senior analyst, and Brittany Gibson, Pike research associate.
"The United Kingdom is projected to lead the world with $12 billion by 2017," they wrote. Asia won't be far behind.
