Post by
BayWall on Jun 04, 2024 7:07am
Talk and dreams
I called the company and will wait for a response. Still unclear what role the company will play in any project. In 2018 Orsted left because of a less mature market in Canada than the US.
Back in 2018-“Since the formation of the partnership in September of 2017, progress has been made in the development of the project, but it is still in the development phase in a less mature market compared to others like the U.S. east coast” said Thomas Brostrom, President of rsted North America
And yet Oceanic was eager to sign on a new partner using Pricewaterhouse to assist with the search and selection of a senior partner. Northland Power was found, yet they were busy with their own offshore interests around the world. And what did Northland do since 2020? Shareholders of Oceanic are waiting for years now and wondering.
And what was the rush back in 2019 with no power call from BC Hydro? For that matter in 2017 with Orsted also. Half a decade later, nothing solid, just words. Frequent talk about the potential demand for renewable energy, LNG/Hydrogen, etc but that's about it.
Saying that, progress was made over the years to understand the complexities and desires of local communities. Also since about 2002 a vision by the company of the increasing important role renewable energy will play in the future in North West BC. Only now do we see this playing out.
Oceanic, facilitator and a minority shareholder? Offshore is expensive. How going to compete with Boralex, Innergex and Pattern Energy in the next Power Call with cheaper onshore windfarms?
Maybe the company should think outside the box and look at onshore wind also. But have to admit offshore is more compelling due to higher capacity factors,power generation advantage in Fall/Winter and regional proximity to large power users.
The patience required is beyond comprehension. Sometimes I wonder if the company even knows what they are doing.
Stock charts show a weak positive RSI divergence and possibly some encouraging recent candlestick patterns. No explanation for the recent uptick.
It's not easy. A 200MW onshore wind project in Quebec-- $600 million to build (in 2021 dollars). The Apuiat Windfarm in Quebec will produce electricity at 6 cents/kWh.
Imagine the cost of a 400 MW offshore in BC. Some hints that will need a larger project. For now just talk and dreams.