$28 billion in wave energy projects proposed (CA, HI, MA, NJ, NY & RI)

[jpak]

http://www.msnbc.msn.com/id/28113042/

WASHINGTON - A Seattle company is hoping to convert the motion of the ocean into electricity.

Grays Harbor Ocean Energy Company has asked the Federal Energy Regulatory Commission for permits to harness energy from waves off the coastline of six states.

In all, the company would build seven harnessing sites — in federal waters off California, Hawaii, Massachusetts, New Jersey, New York and Rhode Island — each covering about 100 square miles.

Taken together, Grays Harbor said the $28 billion project would be the largest renewable energy project in the nation. The firm expects to pay for the project largely with private investment, but is also seeking federal help.

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[BrklynLiberal]

1. Sounds like a step in the right direction...

[TheWraith]

2. How much federal investment, and how reliable is this company?

Have they ever actually put together a successful project? How big? How well does it work? Does it meet the design specifications? On time and under budget?

Sorry, but I distrust unknown companies throwing around huge monetary figures.