Feb 23,2007 00:00
PNGC Power is a Portland, Oregon-based electric power cooperative serving 15 distribution cooperatives with service territory in seven western states. In addition to supporting OPT in the permitting process and power transmission for the project, PNGC Power will work cooperatively with OPT to pursue a power purchase agreement, under which PNGC Power would purchase the electrical energy output of the 2MW wave power park from OPT. Further, PNGC Power will provide its expertise regarding grid interconnection and its experience in meeting the standards of the Bonneville Power Administration, which operates much of the region’s power system.
Dr. George W. Taylor, Chief Executive Officer of OPT, said: “We are pleased that PNGC Power has pledged their support for this project and to be working cooperatively with them. PNGC Power has demonstrated the vision and leadership to harness our Earth’s most powerful and consistent natural resource – the ocean.”
“As PNGC Power strives to maintain competitive prices and reliable service for its members we are increasingly looking at promising new technologies to meet load growth,” said PNGC Power President and Chief Executive Officer, John Prescott. “Our participation in the development of the Reedsport OPT
PNGC Power plans to provide a significant portion of the funds required to fabricate and install the first PowerBuoy at the Reedsport site. The agreement also provides a framework under which PNGC and OPT may continue to work together in connection with the phased scale-up to a 50MW wave power park. Specifically, PNGC Power will have the option to participate in ownership or power purchase in future commercial phases of the project. PNGC Power also plans to work with other utilities to increase participation in this first-of-a-kind project in