Cost Analysis of PTC for Wave By EPRI Ocean Project Manager

As discussed in this post, the Ocean Renewable Energy Coalition has filed testimony in support of a Production Tax Credit (PTC) for ocean, wave and current technologies.  We’ve also been working with contacts in the Senate to draft language for the PTC that’s broad enough to capture a wide range of  wave, tidal, thermal and current technology with applications in oceans and non-impounded, free flowing lakes and rivers.

But making the case for the PTC has required more than simply filing
testimony and making persuasive policy arguments.  With legislation
like a PTC, which will impact the amount of revenues collected by the
federal government, Congress is required to quantify the potential
budgetary impacts.   Naturally, smaller impacts will increase the
likelihood of a measure passing.   So here, we called upon Roger
Bedard, the Project Manager of EPRI’s Ocean Program to run some numbers
for us.  You can view the EPRI analysis here.
(Word document).  The analysis bears out that the budgetary impacts of
a PTC are minimal given that only a small amount of ocean generation
will come on line in the next five years.  Because impacts are small,
it’s our view that Congress has nothing to lose – and everything to
gain – by extending the PTC to ocean.