The Wonderful, Sometimes Wacky World of Marine Energy

By contrast to the staid, dull and predictable world of energy regulation and investor owned utilities (which was upset for a while, anyway, by Enron's antics), the world of wave and tidal development is refreshing, wild, sometimes a little wacky - but always brimming with personality and pioneer spirit. Those features are what's always attracted me to this field, and what's likely drawing so many others. As I've written before, in many ways, emerging renewables are the dot coms of the energy world.

So if you're interested in a real insider's look at the wave and tidal industry, and the personalities and clashes that lurk beneath the serious discussions of technological feasibility and environmental effects of marine energy projects, take a look at this article from Bloomberg,
Tudor Jones Harnesses East River in Green Power's New Frontier by Anthony Effinger (May 8, 2007). Among other things, the article covers billionaire Paul Tudor Jone's investment in Verdant Power's tidal technology, William Nitze (son of NATO architect Paul Nitze) investment in competitor, Oceana (as well as Orrin Hatch's support for the company because it will manufacture parts in Utah). And there's also a description of Verdant's bumpy ride to success, including a falling out with Phillipe Vauthier (who designed the Underwater Electric Kite) and a sunken prototype in a failed experiment. In the meantime, there's also Verdant's clash with Oceana, over prime tidal sites, and Oceana's General Counsel Mike Hoover's breach of contract action against Florida Hydro where he previously worked. Florida Hydro, owned by Herb Williams was bought out by Irish company Open Hydro but Hoover never obtained the benefit of the sale, because Williams never paid Hoover the shares of stock (now worth $9 million) that were promised.

The article offers a window into the personalities and infighting in a truly nascent industry. Definitely worth a read.

Comments

[Adam]

Do you think that Oceana, or any of its front companies, like NH Tidal, are for real? I can find very little hard information about any of them, not even a corporate website. Furthermore, the news that I read about them is largely negative, and frequently suggests that their activities are limited to legal moves toward obstructing successful competitors, such as Verdant.
Regards,
Adam

[amazingdrx]

Great blog! Have you heard much about run of the river replacing dams lately? Rather than underwater rotors that would impeded navigation and be damaged by floating debri, I think there is another alternative.

With dams coming down over eco concerns lately (on the Snake River for one), the potential of this sort of distributed generation all along the river course has huge potential.