Essay on The Economics of Wind Power

In a growing world, electricity production is becoming a problem due to coal fired electrical plants releasing millions of gallons of greenhouse gases, ecological problems with pollution in water, and health risks concerning workers and people living nearby. But with new technology and advances in renewable energy sources, wind energy is becoming one of the most popular energy sources for many states.

The United States is the world’s largest energy consumer with about five percent of the world’s population using eighteen percent of the energy, a staggering statistic from the U.S Energy Information Administration, which causes a search for a long-term solution that is both efficient and environmentally conscience (Energy Information Administration).Fossil fuels, which the world depends on for much of its energy production, will not last forever and a renewable source of energy is needed. Thankfully, a solution, wind energy is in sight with the modernization of an old technology that goes back hundreds of years. Wind energy is a form of solar energy; as sure as the sun will shine, the wind will blow and this energy can be harnessed. Opposition to wind energy claim that there are many risks and problems with the system, and would not be feasible on a large scale and which is why the technology was abandoned for fossil fuels. New wind energy technology, however, will replace non-renewable energy sources as an environmentally friendly, sustainable and economic energy source.

As the global supply of fossil fuels becomes steadily lower, need is growing for new energy sources that are beneficial to the environment and cost-effective. Wind power is one solution to this need. Wind turbines require significant investment, but are cost-efficient in the long term. If construction of turbines is sufficiently increased, the wind may be able to in the future provide a very major portion of global energy.

One of the fastest growing energy sources in the world, wind power is a globally advantageous renewable resource.

Imagine getting free electricity, or electrical company’s paying you instead of you paying them, today’s windmills just might make this possible. Windmills dating back as far as the 1400’s have been used to turn wind into useable energy for grinding and pumping. Today’s windmills turn turbines to make electricity. They are popping up all over the United States, but the United States is way behind other countries in the development of wind energy. Countries like Denmark, Germany and the United Kingdom are investing billions of dollars into wind energy, including off shore wind farms. Germany is holding the top spot in the production of wind-generated electricity. Denmark, being one of the smaller countries in Europe, produces twenty percent

Have you ever driven down highway 30 in west central Iowa at night, looked out the window and seen hundreds of red flashing lights? How about driving through north Lincoln and seeing two enormous white turbines spinning in the wind? If you did not know previously, the red flashing lights at night and white turbines are windmills used for generating power. These windmills can produce 2.5 to 3 megawatts of electricity daily. Wind power can be easily used to generate electric for both personal and public use. Looking at the benefits of wind power over fossil fuels, uses of wind power for personal and public use, and the effects of global warming on wind power, you can decide if using wind energy is a good option or not.

In “Wind Power is Now Cheaper Than Nuclear - the Energy Revolution is Happening”, John Sauven analyzes the benefits of offshore wind energy. Alongside bringing in more investments from external nations, switching to offshore wind power will establish more jobs. Sauven compares the cost of nuclear power to the cost of offshore wind power; wind power naturally being cheaper and better for the environment. Sauven articulates that many nations and organisms will benefit from the offshore wind power finance.

“A wind turbine is a machine for converting the kinetic energy in wind into mechanical energy”. (1) The inventor of the first electric wind turbine was Clevelander Charles Brush, who ran his entire Euclid Avenue mansion off of one for 20 years, which later made the cover of Scientific American in 1888. (2) Although the use of alternate energy didn't rise a great deal afterward, this event did open the eyes for many environmentalists. Wind power is only one of our several “energy source[s] whose ‘fuel’ is free and will never be exhausted” (3) with the pros and cons not completely weighed out as to whether it will be truly beneficial or not. The two main issues regarding wind turbines are the environmental effects that they have and the

We are facing an energy crisis on Earth. Burning fossil fuels are harming the atmosphere; this global warming and affects produces chemicals that hurt our body. People are starting to think about using alternative energy. Wind power would be our first choice, because it’s clean, inexhaustible and renewable. Today, wind power is mainly used in Europe. We believed wind power would be the main source of alternative energy for world use.

“Worldwide, hydropower facilities possess a significant amount of installed electric generating capacity. IEA statistics indicate that at the end of 2001 there was in excess of 450,000 MW of installed capacity within IEA member countries, with about half in Europe and half in North America. In addition to conventional hydropower, there is more than 80,000 MW of installed pumped-hydro capacity in IEA countries. In contrast, utility-scale wind power is relatively new in the electric market, but increasing rapidly” (Integration of Wind and Hydropower Systems)

Wind Energy is a viable industry that has become a valuable energy source. The energy generated from wind is clean and efficient. The wind energy industry helps to ensure that electric demands are met, wildlife impact is minimal, the environment is not devastated, as well as creates new jobs during the construction of wind farms, daily operations, manufacturing components, and exporting components to foreign countries.

Deal, 2010, ‘Wind Power: An Emerging Energy Resource’, Technology and Engineering Teacher, pp. 9-15, viewed on September 12, 2011, retrieved from: http://search.proquest.com/docview/853062621/fulltextPDF/13255EC175479D10C7A/1?accountid=42518

Wind power is a clean and renewable energy that, while at times unreliable, has very low upkeep cost and is growing at a rapid rate. While there is currently enough wind power to provide many times our current energy need, it is unfeasible in reality. Wind power utilizes the kinetic energy of air and uses it to power a generator to produce electricity. Even though dependence on wind power is impossible, it still can provide a strong, clean, quantity of power to supplement current energy production.

The most of global energy production produces from fossil fuel such as coal, oil and natural gas. The vast fossil fuels generate energy which use for many purposes for instant residential, transportation and industrial sectors. While the rate consumption of fossil fuel higher than their formation leads to oil price crisis. Another concern of fossil fuel combustion is the impact on the environment. Global warming is a significant problem which results in increasing concentrations of greenhouse gas in the atmosphere. These problems drive researchers and societies to search alternative energy such as switching to renewable energy or carbon-free energy to replace fossil fuels. For example Nakata et al., (2011:465) show ‘low-carbon society’

Energy is a critical component for every economy and society around the world. Energy is divided into two groups, nonrenewable (coal, oil, natural gas, and nuclear) with a finite amount found around the globe and renewable (hydro, tidal, solar, wind, geothermal, and biomass) that are constantly being replenished so that they will never run out (Green Energy Choice, 2011). The international economic impact of renewable energy is explored by examining subsidies, strategic policies, and comparative advantage of renewable energy.