More Details on Ocean in the Senate Energy Bill

The recently passed Senate bill that we posted on here contains many benefits for the ocean energy industry.  While the Senate bill isn’t yet available online, we’ve given a run down of some of the amendments it contains that will help stimulate the ocean energy industry in the United States and move us on a course towards commercialization.  Just click on "read more" to view.

Murkowski Amendment.pdf-
This amendment sponsored by Senator Murkowski ensures that ocean energy
projects qualify for both the Renewable Energy Production Incentive and
the mandatory federal purchase requirements in the Senate energy bill.
These amendments bring the Senate bill into conformity with the House version, which extends these benefits to ocean energy as well.

Grassley Bill H.R. 6 - PTC.pdf
-  (note - the Grassley amendments are not yet available on line.
Those are the amendments that contain the ocean benefits.  We will post
them when available).  OREC considers the Grassley Amendment, which
extends the production tax credit (PTC) to ocean to be one of our
greatest victories.  To our knowlege, this is the first time that ocean
was even proposed as an eligible technology for the PTC and to be
included on the first attempt is really exciting.  Moreover, the
language adopted in the amendment is broad enough to encompass a wide
range of ocean technologies which may have river based applications as
well.  The PTC has been a powerful driver for other renewable
industries and we hope that it will similarly stimulate ocean
development.  But we can’t stop here - the House bill does not include
ocean in a PTC and thus, we need to really push hard to ensure that we
don’t lose what we’ve gained in the Senate.

BingamanRPS.pdf
- The Bingaman amendment includes a Renewable Portfolio Standard (RPS)
which requires utilities to purchase or generate a certain percentage
of  their power from renewables - 2 percent in the early years,
building up to 10 percent. Ocean is identified as one of the renewable
technologies that utilities can purchase or produce to meet the RPS
standard.

Alexanderwindmillsiting.pdf
The Alexander amendment to the energy bill, which, among other things,
would have killed the PTC for offshore wind and given adjacent states
veto power over offshore projects located in neighboring states, was
rejected. 

Please contact us at OREC at loce@his.com if you have any other questions about the legislation or would like to offer support as we move on to conference.

Posted by Ocean Renewable on July 1st, 2005 filed in Legislative Updates