This Top Energy Stock Has No Desire to Wade Into This Potentially Large Market
The U.S. has enormous offshore wind potential. Wind speeds tend to be high and stable, enabling offshore wind turbines to produce steady power. Meanwhile, 80% of the country's population and most of its highest-demand energy centers are near the coasts, making offshore wind ideally located. These factors led the U.S. Department of Energy to estimate that the country could install 86 gigawatts (GW) of offshore wind capacity by 2050. That's enough to power more than 25 million homes each year.
Despite that massive opportunity, NextEra Energy (NYSE: NEE) wants no part of the offshore wind market, even though it's a leader in onshore wind energy. Here's why it doesn't want to wade into the offshore wind sector and what that means for its competitors and growth prospects.
NextEra Energy's CEO, John Ketchum, recently spoke at an industry conference. He didn't mince words when discussing offshore wind, calling it a "bad bet." Ketchum listed several complications with the technology, including:
Source Fool.com