While we hear quite a bit about solar, wind and geothermal these days, we don't hear too much about the potential of marine energy. But today, the Federal Energy Regulatory Commission (FERC) announced it has signed an agreement with the state of Maine to coordinate schedules and procedures for the review of new tidal energy projects off the coast.
Here's what FERC Commissioner Philip Moeller had to say...
"It's my hope that with the leadership of states like Maine, we can get some of these tidal energy projects into the water so their effects can be measured and their benefits demonstrated."
Next to solar, the largest source of energy on the planet is ocean energy via the motion of waves and tides. And according to Roger Bedard, the ocean leader for the Electric Power Research Institute - because water is 850 times denser than air, tidal turbines can produce 40 times more power than wind turbines with similar gear.
As discussed in my book, Investing in Renewable Energy, ocean energy offers clean, green, and consistent power, all at a relatively low cost, with negligible environmental impact. And since the fuel of ocean generators - the movement of waves and tides - costs nothing, marine energy holds the promise of being able to generate electricity at highly competitive rates.