Marine and Hydrokinetic Renewable Energy Legislation Introduced in the Senate

“The Ocean Renewable Energy Coalition (OREC) supports the legislation introduced by Senator Murkowski. MHK could provide ten percent of the present U.S. electricity consumption, and the measures in this legislation are essential for moving the industry towards commercialization,” said Sean O’Neill, OREC’s President. “This legislation offers a path forward to help realize a clean energy future.”

 The MHK Renewable Energy Promotion Act of 2011contains provisions of Section 474 of the American Clean Energy Leadership Act (S.1462), which was approved by the Committee on Energy and Natural Resources in 2009.   Yesterday’s legislation includes adaptive management grant provisions to provide a mechanism to collect and share environmental data, authorizes federal funding for three national MHK testing facilities, and establishes an energy device verification program.  Furthermore, the legislation authorizes $75 million a year for three years (2012-2014) for MHK programs covered in the bill.  The corresponding hydropower tax bill, S.631, includes 5-year depreciation language and full Protection Tax Credit (PTC) parity on par with other renewables.

 “There is a real need to diversify our electricity supply,” said Mr. O’Neill. “A reliable electrical system relies on a diversity of energy sources, including wave, tidal, in-stream and other MHK technologies. Marine and hydrokinetic technologies are being developed for free moving fresh water resources as well as ocean and tidal areas. This industry represents jobs and economic development throughout the country.  The supply chain for manufacturing is widespread and  goes well beyond the immediate potential for revitalizing shipyards and diversifying other maritime industries.”

 As Congress moves forward with the proposed legislation, the Ocean Renewable Energy Coalition will continue to work closely with its supporters in the House and Senate to secure passage of the Marine Renewable Energy Act and lobby for additional support for marine renewable technologies.

 About the Ocean Renewable Energy Coalition

 The Ocean Renewable Energy Coalition is the only national trade association exclusively dedicated to promoting marine and hydrokinetic renewable energy technologies from clean, renewable ocean resources. Founded in April of 2005, the Coalition has grown to over 40 members including technology developers, consultants, law firms, investor-owned utilities, publicly owned utilities, universities, and scientific and engineering firms. The coalition is working with industry leaders, academic scholars, and other interested NGO's to encourage ocean renewable technologies and raise awareness of their vast potential to help secure an affordable, reliable, environmentally friendly energy future.

 We seek a legislative and regulatory regime in the United States that fosters the development of ocean renewable technologies, their commercial development, and support in the race to capture the rich energy potential of our oceans. While other countries have already deployed viable, operating, power generating projects using the emission-free power of ocean waves, currents, and tidal forces, the U.S. is only beginning to acknowledge the importance these technologies