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December 20, 2007

Energy Bill Supports Ocean Energy

No Tax Incentives Weaken Renewable Energy Industry
Washington, D.C.

The Ocean Renewable Energy Coalition (OREC) is encouraged by President Bush's signing of the Energy Bill and is hopeful that an Energy Tax Extender Bill can be negotiated and approved early next year.

"We're optimistic by the support for ocean renewables in this bill; however, the debates over issues like renewable energy standards, and tax incentives, in general, overshadowed some of the good aspects of this bill." stated Sean O'Neill, president of the Ocean Renewable Energy Coalition. "Removing all renewable energy tax incentives demonstrates just how polarized we've become on issues like energy security. Now is not the time to restrain the innovation and progress that defines renewable energy. We need leadership, compromise, and common sense." he added.

“We’re optimistic by the support for ocean renewables in this bill; however, the debates over issues like renewable energy standards, and tax incentives, in general, overshadowed some of the good aspects of this bill.” stated Sean O’Neill, president of the Ocean Renewable Energy Coalition. “Removing all renewable energy tax incentives demonstrates just how polarized we’ve become on issues like energy security. Now is not the time to restrain the innovation and progress that defines renewable energy. We need leadership, compromise, and common sense." he added. 

The House of Representatives passed an aggressive legislative plan aimed at making the U.S. energy independent while strengthening national security, lowering energy costs, and spurring economic growth. The Energy Independence and Security Act of 2007 passed the House by a vote of 253 to 181. The Senate approved an amended Bill by a 86 to 8 vote. Dropped from the bill were Renewable Energy Standards and a four-year extension of tax credits for renewable electricity projects, including wave tidal, and current, which were expected to cost around $6.6 billion over the next decade, and  an extension of the 30 percent investment tax credit for solar and fuel cells through Dec. 31, 2016. 

Specific provisions benefiting the Marine Renewable Energy industry include: 

  • Authorizing $250 million for Research, Development, Demonstration and Commercial Application to Expand Marine and Hydrokinetic Renewable Energy Production.
  • Authorizing the Secretary of the Department of Energy to Establish National Marine Renewable Energy Research, Development and Demonstration Centers.
  • Directing the Department of Energy to Conduct a Report on Environmental Impacts and Recommendations to Mitigate Environmental Impacts.

The Ocean Renewable Energy Coalition is the only national trade association representing exclusively the marine and hydrokinetic renewable energy industry. Visit our website at: www.oceanrenewable.com. 

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