PG&E signs Finavera for 2 MW wave energy project
SAN FRANCISCO, Dec 18 (Reuters) - Pacific Gas and Electric Co said on Tuesday it had signed a long-term power purchasing agreement with Finavera Renewables Inc (FVR.V), a Canadian company that seeks to convert the energy of ocean waves to electricity.
Under the agreement, Finavera will supply PG&E with 3,854 megawatt-hours of electricity annualy from the Humboldt County Offshore Wave Energy Power Plant, which is expected to begin delivering power in 2012.
The company made the announcement on the day the U.S. House of Representatives passed a broad energy bill that sets new incentives for developing energy from wind, solar, geothermal and other renewable sources.
The two-megawatt plant will use several buoys in the Pacific Ocean to generate electricity as they rise and fall on ocean waves. The buoys will send power from their location, about 2.5 miles from the northern California town of Eureka, to shore through an undersea transmission line.
At full capacity, the plant will generate enough electricity to power about 1,400 homes and is expected to eliminate about 245 tons of carbon dioxide that would have been emitted by traditional power generation.
Current production of marine power from tides and waves is barely measureable, but this infant industry is aiming to take advantage of the growing demand for renewable energy, according to the International Energy Agency.
"Wave energy, along with solar thermal energy and biogas generated from cow manure, are examples of the innovative and promising sources of nonpolluting, renewable energy PG&E is pursuing as part of our commitment to combat climate change," said Fong Wan, vice president of energy procurement at PG&E. (Writing by Amanda Beck; Editing by Adam Tanner and Walter Bagley)
