FERC Grants License For First Wave-Power Project In US

Law360, New York (August 21, 2012, 3:56 PM EDT) -- The Federal Energy Regulatory Commission has licensed Ocean Power Technologies Inc. to build the nation’s first commercial plant harnessing electricity from the force of waves, the company said Monday, a breakthrough for a sector regulators say boasts serious promise.

The U.S. Department of Energy-backed project would deploy up to 10 power-gathering buoys a few miles off the Oregon coast, with the first device expected to be deployed later this year. Total capacity is pegged at 1.5 megawatts, enough to power 1,000 homes.

Charles F. Dunleavy, chief...
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