FERC Takes Up Offshore Site Banking

Law360, New York (May 17, 2007, 12:00 AM EDT) -- Amid concerns that companies have reserved sites for offshore hydropower projects without the intent to develop them, the Federal Energy Regulatory Commission is currently mulling a permanent change to its permit application process.

Right now, offshore hydropower, in which turbines are powered by waves, currents or tides, is not quite ready for commercial use. Nonetheless, companies in the preliminary stages of development have already begun accusing each other of unfairly tying up large stretches of ocean, a process known as site banking.

“Most of the time...
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