[Congressional Record Volume 155, Number 64 (Wednesday, April 29, 2009)]
[Senate]
[Pages S4892-S4893]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. MURKOWSKI:
  S. 922. A bill to amend the Internal Revenue Code of 1986 to modify 
the term ``5-year property''; to the Committee on Finance.
  Ms. MURKOWSKI. Mr. President, I rise today to introduce two pieces of 
legislation S. 922 and S. 923, that I hope will be the next major step 
that this Congress takes to help an exciting form of renewable energy 
to become more established as a viable energy technology. I am 
referring to helping the expansion of the ocean hydrokinetic energy 
industry.
  Today I am introducing the Marine Renewable Energy Promotion Act of 
2009 and a companion tax provision. They are companion measures to one 
that has been introduced in the House of Representatives by Rep. Jay 
Inslee of Washington.
  For a number of years this Nation has been providing help with 
research and other assistance to promote the development of energy from 
our oceans and rivers, using the tides, currents, waves and even the 
thermal properties of our oceans to generate electricity. With 70 
percent of our planet covered with water, and the energy that the sun 
produces--each day oceans absorb the energy equivalent of 250 billion 
barrels of oil--and the energy that winds produce and impart to that 
water, marine hydrokinetic energy has the potential to be a major 
source of the world's clean, non-carbon emitting power in the future.

[[Page S4893]]

  The Electric Power Research Institute has estimated that ocean 
resources in the U.S. could generate 252 million megawatt hours of 
electricity--6.5 percent of America's entire electricity generation--if 
ocean energy gained the same financial and research incentives 
currently enjoyed by other forms of renewable energy.
  In 2005 in the Energy Policy Act we started the process of leveling 
the playing field. Besides authorizing a greater Federal research 
preference, we granted ocean energy the federal purchase requirement 
and the federal production incentive. In 2007's Energy Independence and 
Security Act, we furthered energy research and authorized the funding 
of research and ocean energy demonstration centers. In 2008, ocean 
energy finally was qualified to receive a renewable energy Production 
Tax Credit--unfortunately at a lower rate than some other renewables 
receive. But the PTC establishes the principle that ocean energy is a 
valuable future technology to meet electricity generation needs.
  Now we are proposing that additional Federal aid be granted to all 
potential forms of Marine Renewable Energy to allow the industry's 
growth to advance more rapidly. The bill authorizes the Department of 
Energy to increase its research and development effort, working to 
develop new technologies, reduce manufacturing and operating costs of 
the devices, improve the reliability and survivability of marine 
energy facilities and make sure that such power can be integrated into 
the national electricity grid. The bill also encourages efforts to 
allow marine energy to work in conjunction with other forms of energy, 
such as offshore wind, and authorizes more federal aid to assess and 
deal with any environmental impacts. The bill also authorizes 
establishment of project standards and provides for incentives to help 
the industry comply with any standards developed.

  Allows for the creation of a Federal Marine-Based Energy Device 
Verification program, so the Government tests and certifies the 
performance of new marine technologies to reduce market risks for 
utilities to purchase power from such projects.
  Authorizes the Federal Government to set up an adaptive management 
program, and a fund to help pay for the regulatory permitting and 
development of new marine technologies.
  A separate bill, likely to be referred to the Senate Finance 
Committee for consideration, authorizes that marine projects benefit 
from being able to accelerate the depreciation of their project costs 
over five years--like some other renewable energy technologies 
currently can do. That should enhance project economic returns for 
private developers.
  The legislation in total authorizes up to $250 million a year of 
Federal funding for research. It is in keeping with the goals of the 
Obama administration to markedly increase funding for prospective 
renewable energy technologies that can help reduce U.S. and global 
carbon emissions and reduce our dependence on fossil fuels for energy 
production.
  The technology this bill could foster could be of immense benefit to 
coastal regions and the U.S. power grid overall. In my home State of 
Alaska, for example, there are nearly 150 communities located along the 
State's 34,000 miles of coastline plus dozens more on the major river 
systems, which may benefit from the economies that gaining power from 
the free fuels of nature's currents and waves provides. In a State 
where rural electricity is currently averaging 65 cents per kilowatt 
hour when generated from diesel fuels--ocean energy offers the 
potential to sharply reduce all costs and vastly improve the local 
economy and thus the economy of the entire Nation.
  There are a number of difficult challenges ahead to realize the 
potential of marine renewable energy from building reliable devices at 
economical costs. But these bills are another step toward getting on 
with the task of identifying and meeting those challenges. The 
potential is well worth the cost.
  I hope this body will quickly include these provisions in 
comprehensive energy legislation and help this new industry to advance 
for the benefit of all Americans.
                                 ______