WIND ENERGY UPDATE: Offshore Wind Gets Major Boost, American Wind Energy Association Annual Wind Industry Report, Construction Begins on New South Texas Wind Farm, Seattle Company Proposes Floating Wind Farms

Offshore Wind Gets Major Boost with announcement by President Obama that the Department of the Interior has finalized a long-awaited framework for renewable energy production on the U.S. Outer Continental Shelf (OCS). Wind energy continues rapid growth according to new report from the American Wind Energy Association. The US has surpassed 25 gigawatts (GW) of installed wind energy capacity in 2008. Construction of a new wind farm has begun in Texas. Seatle firm proposes floating offshore wind farms.

Cost to Produce Solar Cells Brought Below $1 per Watt

Earlier this month, First Solar, Inc. (Nasdaq: FSLR) announced that it has reduced its manufacturing cost for solar modules in the fourth quarter 2009 to 98 cents per watt, becoming the first solar cell manufacturing company to break the $1 per watt price barrier. This is a major price milestone for the solar photovoltaic manufacturing sector and represents a significant step towards achieving what is known in the industry as as grid parity, the price level where the per watt cost for solar electricity reaches the current averaged cost of electricity on the grid a goal First Solar plans to reach by 2012.