A New Era For Wave Energy

From CNN:

LONDON, England (CNN) -- The renewable energy sector has received a boost with the inauguration of the world's first commercial wave power project off the Portuguese coast.

Developed by a Scottish engineering company, Pelamis Wave Power Limited, the Pelamis Wave Energy Converters (PWEC) have been towed into position three miles off the coast of Agucadoura in north Portugal.

The first phase of the project is using three PWEC to generate 2.25 megawatts of power at a cost of nine million euros.

If successful, a second phase will see energy generation rise to 21 megawatts from a further 25 machines providing electricity for 15,000 Portuguese homes.

The project is a joint venture between Pelamis Wave Power Limited, Babcock and Brown Ltd -- a global specialist asset manager, Energias de Portugal (EDP) and Portuguese energy group EFACEC.

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