“As long as they are not carried into practice, inventions are economically irrelevant. And to carry any improvement into effect is a task entirely different from the inventing of it, and a task, moreover, requiring entirely different kinds of aptitudes...”
Joseph SchumpeterEconomist and Political Scientist
CHALLENGE:When the hydrokinetics and marine renewables industry first launched, it was foreign to Congress. It lacked federal recognition as a qualified renewable energy resource and the incentives other established renewable energy sectors enjoyed. Initial efforts by individual companies promoting their specific technologies with Congress saw limited success.
SOLUTION:Concerted and coordinated action was needed to bring ocean energy to the next level of maturity. Understanding the value of establishing a coalition to help this emerging industry organize and communicate with one voice in Congress, SMLC helped form the Ocean Renewable Energy Coalition (OREC).
OREC is a national trade association founded to promote and advance renewable energy from hydrokinetic and ocean resources through education and advocacy. The coalition focused on raising awareness of the technology's vast potential to help secure an affordable, reliable, environmentally friendly energy future.
SMLC helped OREC's members navigate the legislative process, build relationships with key legislators, develop a national presence and develop a plan to gain congressional support for recognition as a renewable energy. Collectively the group identified the ultimate goal for the industry was to establish legislative and regulatory structure in the United States that fosters the development of ocean renewable technologies, their commercial development, and potential for export.
SUCCESS:For the first time ever, Congress recognized hydrokinetic and marine renewables as qualified renewable resources and included these resources in the Energy Policy Act of 2005. Since its founding, OREC has seen many successes putting the industry on equal footing with other renewables including:
- Establishment and expansion of Research and Development funding;
- Increased Energy and Water Appropriations funding for industry projects;
- Creation of grant, loan and loan guarantee programs at the Department of Energy;
- Extension of the Production Tax Credit, Investment Tax Credit and Clean Renewable Energy Bonds to this industry; and
- Being invited to testify before Congress and the Federal Energy Regulatory Commission alongside other established renewable energy sectors.