TSXV:NKW.H - Post by User
Post by
BayWallon Aug 21, 2024 3:06pm
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Post# 36190474
My take on the company
My take on the companyToo many uncontrollable external things which interfere with the dream
of an offshore windfarm.
Northland Power did not have the project as a priority. Then all of a sudden a power call. mSo Oceanic negotiated mthe development rights mback. Only to find out 200MW was the max size. Too small for the offshore project to take advantage of the economies of scale. Now they are stuck.
All power must be sold via BC Hydro. Must go through their grid. Can't just place an underwater cable to a LNG site.
Questions why Orsted was invited back in 2017 when there was no power call. They left a year later because the market was not there.
In the news talk of green hydrogen, etc, But export facilities are not ready at Prince Rupert ready nor anyone willing to venture into hydrogen for export. Nor is import infrastructure ready to accept this fuel, not even in Germany who wanted hydrogen from Canada.
So what is the future of Oceanic? Do people even want a windfarm in Hecate Strait? Maybe try a onshore wind proposal. What is the use courting another major windfarm developer when important questions remain.
They company is out of money so insiders will have to put up more again.
There may now be the motivation to build offshore. The footprint will be much smaller than the original proposal. But also have to look at the economics.
The idea was ok for renewable energy ideals, when first proposed in 2007 and essentially still remains an idea.
So what else is there to say? I assume they are spinning ideas, but it's not that easy. Maybe room to say the rationale for the 200MW limit is weak.
Also maybe have to wait until BC Hydro build the new transmission line. Without backup any scale windfarm proposal is on thin ice. LNG, hydrogen/ammonia, green fertilizer are energy intensive industries and require power 24/7.
Kind of feel sorry for Oceanic. 15 years passed and still no concrete progress. Just hanging for survival in a sea of great unknowns and challenges.
I wish them the best. Maybe think outside the box-onshore wind, etc