First License for Wave Energy Surrendered

States: 

Finavera Renewables, the first licensee for a wave energy project, has surrendered its license before the Federal Energy Regulatory Commission. The proposed Makah Bay wave energy project (P-12751) with a capacity of 1 MW would have been located in Olympic Coast Sanctuary in the Pacific Ocean, 1.9 nautical miles offshore of Waatch Point in Clallam County, Washington.In its surrender letter filed last week, Finavera states that the project has now become uneconomic due to the current status of economy and limited capital investment. FERC had granted a conditional license to the Canadian company in December 2007 for a period of five years.