The plan would create another 350 megawatts of wind energy. (CBC)

Prince Edward Island intends to triple the amount of wind energy it produces over the next five years.

Premier Robert Ghiz announced the plan Friday at the Wind Energy Institute at North Cape in western P.E.I. Under the plan, the province would build a framework to encourage the private-sector to build another 350 megawatts of capacity on top of the current 150 megawatts. Most of that power would be earmarked for export.

"Countries, provinces and states are turning to clean renewable energy sources like wind to replace fossil fuels," said Ghiz in a news release.

"There is a strong and growing demand for clean energy, particularly in the New England market. And Prince Edward Island is well-positioned to meet some of that demand."

A more stable market

The Island would increase the amount of wind energy used locally from 50 to 100 megawatts, which would be 30 per cent of electricity used in the province.

Maritime Electric CEO Fred O'Brien couldn't guarantee that would mean lower rates for Islanders, but did say the local market would be more predictable and stable. He promised to pass any savings on to consumers, rather than on to company shareholders as profits.

Ghiz said the plan would lead to 850 construction jobs, with $218 million in local construction spending.

At the centre of the plan is a system for licensing wind energy production. The details of how that would work were not made clear, but the government estimates royalties from wind energy would be $8 million a year.