PG&E and Finavera Announce Wave Energy PPA

Pacific Gas and Electric Company (PG&E) announced that it has entered into a long-term, 2-megawatt (MW) commercial wave energy power purchasing agreement (PPA) with Finavera Renewables Inc. Located off the Northern California coast, the Humboldt County Offshore Wave Energy Power Plant will be developed by Finavera and is expected to begin delivering electricity in 2012.

Finavera has initiated development plans for the 2-MW wave energy project to be constructed approximately 2.5 miles off the coast of California for electricity delivery to PG&E’s customers throughout its northern and central California service territory. The power purchase agreement calls for 3,854 megawatt hours of electricity to be delivered annually to PG&E over the term of the contract.

During the permitting process, the project design and detailed specifications will be submitted to and evaluated by regulators and community stakeholders including fishermen and environmental groups to understand the site selection, safety and environmental impacts of the plant. The licensing process will also include all required environmental studies.

“Harnessing the ocean’s energy on a utility scale is a critical achievement in renewable energy technology and this project represents our first step in that direction,” said Fong Wan, vice president of Energy Procurement, PG&E. “Wave energy, along with solar thermal energy and biogas generated from cow manure, are examples of the innovative and promising sources of non-polluting, renewable energy PG&E is pursuing as part of our commitment to combat climate change.”
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