Vineyard Wind 1, which is set to become the first large-scale offshore wind project in the U.S., is one step closer to starting construction with the completion of an environmental impact statement from the U.S. Bureau of Ocean Energy Management last month.
Located about 15 miles off the coast of Martha's Vineyard, the project is set to power 400,000 homes and businesses across Massachusetts.
A combination of strong winds, shallow water, and a nearby population who could benefit from the renewable energy source makes the location prime real estate for a wind farm.
"Basically what we're trying to do is to harness the strong and consistent winds that are offshore," Vineyard Wind CEO Lars Thaaning Pedersen told Cheddar. "The corridor from Washington to Boston, some people have dubbed it the Saudia Arabia of offshore wind."
Pedersen said the company is working hard to make sure it sets a good example in how it locates the project, coexists with other ocean users, and protects the natural environment.
"Sometimes being the first is a blessing and a curse," he said.
"Not only do we have to deliver a project that is well-sited and responsibly constructed, but also we have to kickstart a new industry that will create thousands of jobs in the U.S.," he added.
In order to combat climate change, Pedersen said an "all of the above'' strategy is necessary, and given the Northeast region's dense population, on-shore wind and solar are more difficult.
While other parts of the country may have the raw acreage to build out large renewable energy sources, such as solar farms that require a sizable physical footprint, the Boston to Washington, DC, corridor has a plentiful supply of coastal wind.
Offshore has other advantages as well, said Pedersen, like it's easier to employ bigger turbines, which generate more power, because of the ability to ship them out by sea.
"For our project, we're using the largest turbine in the world manufactured by GE," he said.
For the moment, Vineyard Wind is pioneering offshore turbines in the U.S., but the nascent industry could get a boost from the Biden administration's $2.3 trillion infrastructure bill, which calls for the construction of 30-gigawatts of offshore wind power by 2030.
That's roughly 30 projects of the size of Vineyard Wind's 800-megawatt farm.
"We think that is doable and will attract a lot of investment into the U.S.," he said.
The company plans to deliver the first electrons into the Massachusetts grid by 2023.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
