The state of Illinois took a giant step forward in expanding its use of renewable energy. On December 22, 2010 the Governor announced long term agreements in which Ameren Illinois and Commonwealth Edison will obtain larger amounts of their electricity from wind and solar projects.
Projections by the Center for Renewable Energy suggest that wind farms in Illinois would generate a total economic benefit of $3.2 billion over 25 years. As of April 2010, Illinois was ranked 6th on the list of states with the greatest amount of installed wind capacity. The top ten states (as of the 1st quarter 2010) for wind project installations are:
- New York
- North Dakota
Digging deeper within subsectors we discovered a pocket of strength within the Wind Energy sector we found 4 focused companies. Potential for growth within this sector is still in the "proving stages" and while growth may appear to be on the rise - Broadwind Energy Inc. (BWEN) of Illinois has potential for strong growth but remains on our radar for now.
Illinois isn't the only state that is boosting its clean energy development, according to the Database of State Incentives for Renewables & Efficiency, 29 states plus the District of Columbia and Puerto Rico have renewable portfolio standards in place.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.