VANCOUVER, CANADA, July 23 /CNW/ - The United States Federal Energy Regulatory Commission (FERC) announced a proposal to shorten the permitting process for pilot ocean energy projects to as little as six months. As part of its proposal, FERC will convene a public hearing on licensing pilot projects in Portland, Oregon on Oct. 2, 2007. Finavera Renewables (TSX VENTURE:FVR) CEO Jason Bak said, "We look forward to the hearing in October and want to extend our thanks to the FERC commissioners and staff for the tremendous commitment they've shown to offshore wave energy development. This decision shows strong leadership in promoting a clean, environmentally friendly renewable energy source that has the potential to satisfy a significant portion of the total energy demand in the United States."

VANCOUVER, CANADA, July 23 /CNW/ - The United States Federal Energy Regulatory Commission (FERC) announced a proposal to shorten the permitting process for pilot ocean energy projects to as little as six months. As part of its proposal, FERC will convene a public hearing on licensing pilot projects in Portland, Oregon on Oct. 2, 2007.

Finavera Renewables (TSX VENTURE:FVR) CEO Jason Bak said, "We look forward to the hearing in October and want to extend our thanks to the FERC commissioners and staff for the tremendous commitment they've shown to offshore wave energy development. This decision shows strong leadership in promoting a clean, environmentally friendly renewable energy source that has the potential to satisfy a significant portion of the total energy demand in the United States."

The proposal made by FERC is for projects five megawatts or less, removable or able to shut down on relatively short notice, located in waters that have no sensitive designations, and for the purpose of testing new hydro technologies or determining appropriate sites for ocean, wave and tidal energy projects.

To date, the regulatory process has been one of the primary hurdles to the commercialization of offshore wave energy. Trial projects have taken years to move through the permitting process, taking away valuable time in enacting a technology that shows great promise in reducing dependence on fossil fuels.

"By proposing to reduce barriers in the permitting process for trial projects, the Commission is providing a framework for projects that fall within its jurisdiction, and for state-led initiatives as well," continued Bak. "FERC is providing a significant boost for the industry."

On behalf of the Board of Directors,

Jason Bak, CEO

Web link: http://www.cnw.ca/fr/releases/archive/July2007/23/...