While the US experienced a significant dip in new installed wind power capacity last year due to the ongoing financial crisis, polarised politics and concerns over federal tax incentives, the industry has robustly bounced back, the American Wind Energy Association (AWEA) reports.

Not only that, but wind energy is now more affordable than ever as new installations are saving customers money on their electric bills while utilities rush to lock in long-term favourable rates.

The European Union’s energy import bill last year totalled a massive €355.15 billion – that’s slightly more than the annual wealth of Poland in 2010 (GDP was around €341 billion). Take that amount and share it between the EU’s 503 million citizens and it comes to €706.8 a year.

Divide it again per working day and you get €2.70 – in other words every single working day of the year EU citizens are paying €2.70 on fossil fuel imports – the equivalent to an expensive cup of coffee every day.

Energy prices in Europe are too high because the market for electricity is not yet functioning on an EU level, Michael Köhler, Head of Cabinet for Günther Oettinger, European Commissioner for energy, said at a public debate hosted by EWEA.

But to secure a functioning EU single market for electricity, the continent needs a Europe-wide electricity grid, he said on Thursday 22 September.

In the EU quarter of Brussels, discussions are ongoing about the EU budget for 2012 – and for the years up to 2020. But how does it all work? The latest Wind Directions finds out.

Just how much money is it?

An overall EU budget is decided for a seven-year period known as a “multi-annual financial framework”, or MFF. At the moment the EU is in an MFF running from 2007 to 2013. The overall budget for those seven years is €976 billion.

Despite persistent problems associated with the global economic crisis and a government fiscal policy deeply paralyzed along partisan lines, the US continues to express great interest in developing its offshore wind industry.

The latest proof of America’s faith in the rapidly-emerging offshore sector occurred earlier this month when Energy Secretary Steven Chu announced €31 million for projects that are expected to speed technical innovations, lower costs, and shorten the timeline for deploying offshore wind energy systems.