WAVE ENERGY WILL RIDE BIG BUCKS

The sleeping giant of New Energy, wave-tide-current energy, is awakening.

Clean energy gets gnarly, dude; Forget wind and solar – the next wave in clean tech is just offshore, writes Business 2.0 Magazine
Melanie Haiken, August 14, 2007 (Business 2.0 Magazine via CNN Money)

WHO
World Energy Council (WEC), Ocean Power Delivery (OPD), GE Energy Financial Services (GEFS)

WHAT
The potential world generation of electricity by wave energy is estimated by WEC to be worth $1 trillion. It is a constant, predictable energy source. OPD has 2 major trial projects getting started.

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WHEN
Startups are rushing ahead. The OPD project in Portugal will start generating electricity in the fall of 2007.

WHERE
OPD is based in Edinburgh, Scotland. Its Aguçadoura pilot project is 3 miles off Portugal’s north coast. The OPD project in partnership with GEFS is in the Orkney Islands of the west coast of Scotland.

WHY
- WEC estimates the wave energy could supply 6.5% of US power needs.
Most startup action is in Europe where longer-standing, more certain incentives are in place.
- The OPD Aguçadoura pilot project will send enough electricity for 1,500 homes. It uses OPD’s Pelamis technology, is privately funded and will eventually generate enough power for 15,000 homes.
- The OPD/GE project in the Orkney Islands. GE has put up $22.5 million to play.
- The US is behind in wave energy development but with 40 trial project applications pending, money is flowing in and the race is on.

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QUOTES
- Max Carcas, business development director, OPD: "The ocean offers a massive energy resource that's virtually untapped…"
- Roger Bedard, Electric Power Research Institute: "The natural processes of the ocean produce a denser, more concentrated form of energy than either wind or solar…"
- James Kim, GE: "OPD is clearly a leading innovator in the field…"