OREC: Energy Independence And Security Act Supports Ocean Energy

Washington, D.C. - The Ocean Renewable Energy Coalition (OREC) applauds Speaker Pelosi and the House of Representatives for supporting Marine Renewables and their leadership in passing the Energy Independence and Security Act. By supporting a diversity of energy resources, the Energy Independence and Security Act of 2007 seeks to provide a foundation for a robust and reliable electrical system while supporting energy security, environmental protection, and an improved quality of life.

"OREC is pleased to see the Marine Renewable energy industry on equal footing in Congress with other forms of renewable energy. The challenge ahead is the true test of governance and leadership by defining common ground, seeking rational compromises, and crafting a bill that allows the United States to move forward with comprehensive energy bill in 2007." he added.

The House of Representatives passed an aggressive legislative plan aimed at making the U.S. energy independent while strengthening national security, lowering energy costs, and spurring economic growth. The Energy Independence and Security Act of 2007 passed the House by a vote of 253 to 181. This marks a change in U.S. commitment to renewable energy, requiring that 15 percent of our electricity come from renewable sources, including Marine Renewables.

Specific provisions benefiting the Marine Renewable Energy industry include:

• Authorizing $250 million for Research, Development, Demonstration and Commercial Application to Expand Marine and Hydrokinetic Renewable Energy Production.
  
• Authorizing the Secretary of the Department of Energy to Establish National Marine Renewable Energy Research, Development and Demonstration Centers.
  
• Directing the Department of Energy to Conduct a Report on Environmental Impacts and Recommendations to Mitigate Environmental Impacts.
  
• Allowing Marine Renewables to qualify for the Production Tax Credit.

"It will be a shot heard 'round the world for energy independence for our country," said Speaker Nancy Pelosi (D-Calif.) "It's about energy security, it's about environmental health, and it is a moral responsibility." Specifically, the bill provides $13 billion to help fund renewable energy, biofuels and energy efficiency. Additionally, it includes four-year extensions of tax credits for renewable electricity projects, including wave and tidal current, which are expected to cost around $6.6 billion over the next decade, and extends the 30 percent investment tax credit for solar and fuel cells through Dec. 31, 2016.

SOURCE: Ocean Renewable Energy Coalition (OREC)