Wind energy does not only have excellent potential in Midwestern United States but could also contribute to significantly lowering electricity prices in years to come. According to the latest study by Synapse Energy Economics adding more wind power could drive down the wholesale power prices by more than 20% in Midwest region within the next decade.
Wind power could therefore provide significant savings, resulting in a reduction of $65 to $200 in electricity prices for the average U.S. consumer (by dragging down the wholesale prices of power by $3/MWh to $10/MWh in the near term and up to nearly $50/MWh by 2030.
Midwest states have excellent wind power resources throughout the entire year but in order to effectively harness this energy this area needs to build more transmission lines. The good news is that according to this study investment required to build new transmission lines would be relatively small compared to the future savings, providing more than a 2 to 1 return on investment in various scenarios.
This means that by building adequate transmission infrastructure Midwest can capitalize on abundant wind power resources by not only lowering electricity prices but also by providing more jobs and improving its energy security.
Wind power is constantly getting cheaper, and also the efficiency of wind turbines continues to grow, transforming wind into one of the most cost-competitive renewable energy sources.
It's up to Midwest states to ensure the adequate funding to build appropriate transmission infrastructure. That's the only way for Midwest to fulfill its excellent wind power potential.