This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Offshore Va. Wind Development Plumbs The Ocean


RICHMOND, Va. (AP) â¿¿ Before energy companies invest in developing wind energy off Virginia's coast, they'll need to know what's out there: sea life, what the ocean floor is like, shipping routes, migratory birds and wind speeds. A Virginia Beach startup has begun the daunting task of collecting that data.

Founded by Navy veterans, Sound Conclusions LLC has placed a half-dozen beach ball-sized buoys in the waters off the resort city to monitor marine mammals such as endangered right whales and other aquatic life. The company has gathered 44,000 hours of data that must be reviewed second-by-second and the work is being done on its own dime. The founders are guessing that the information has value to the 10 energy companies that have signaled their interest in developing the federally designated lease area about 25 miles off the coast.

The company's self-appointed survey illustrates the challenges of building an offshore wind industry in the U.S., which lags most of the world, and the opportunities for economic development. Proponents have estimated an offshore wind industry could create up to 10,000 jobs, not to mention clean, renewable energy to hundreds of thousands of households.

Sound Conclusions principals Donald "Keith" Stevenson and Steven C. Pascuzzi presented some of their findings Thursday at a meeting of the Virginia Offshore Wind Development Authority, which is promoting the development of wind power and a new industrial base to support it.

"The biggest thing for us," Stevenson said during a break in the meeting, "is we're proponents of the wind energy concept because it's right off Virginia Beach, the Virginia coast, where we live. We wanted to at least try to make some effort to push it along."

The federal government expects to conduct an auction this year, perhaps as early as this spring, of the parcels available for wind development in the 130-square-mile lease area. The companies already expressing an interest include the state's largest electric utility, Dominion Virginia Power, and Energy Management Inc., developer of the nation's first offshore wind project off Massachusetts' Cape Cod.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs