The Triangle Business Journal published a story on Monday, March 13 about potential wind farm development off North Carolina's coast. The article includes analysis from Henry Campen, a partner at Parker Poe who has advocated for companies regulated by state utility commissions for more than 25 years. Here's a section of the story:
Campen predicts the power will be harvested by the PJM regional transmission organization. From there, it can be funneled to the Northeast, where the cost is more comparable to energy prices and can be boosted by sustainable tax credits.
A big target will likely be technology companies, which are becoming “one of the major drivers” in renewable energy, he says. Both Amazon and Google have been investing in sustainable energy sources, and could be prime targets for the power being created off the coast. Avangrid, which already has that successful partnership with Amazon, is one of the bidders who could make a play for the site when it goes up to auction.
Despite the challenges, Campen says he hopes a bidder finds the fortitude to go forward with what he sees as a real opportunity for the right company.
“I think it’s going to take some time … but what a resource,” he says.