POWER May 2011 - 87

RENEWABLES
RITE Project Financial Issues
Total projected cost for construction and installation
of the 1-MW Phase 3 will range
between $18 million and $20 million, Taylor
said. Future projects are expected to cost
one-half to one-third of that-even less for
projects outside the U.S.
As for estimated electricity costs, Taylor
said, " The cost to generate hydrokinetic power
will range between 6 cents and 10 cents
per kWh. This compares favorably to coal,
which is at about the same range of costs. "
Verdant Power Inc. management currently
is working on lining up a buyer for the
electricity generated by its U.S. project. The
company is encouraged by the fact that several
hydrokinetic projects overseas are having
good success selling their energy.
" For our RITE Project in New York
City, we are still in discussions regarding
the purchase of generated energy, " Taylor
said. " For tidal turbines, which are being
tested at the European Marine Energy
Centre in the Orkneys, ScottishPower is
buying that energy. And for the Marine
Current Turbines project in Strangford
Lough, Ireland's ESB Independent Energy
is buying that energy. "
Advantages of the East River
Location
Taylor explained that the East Channel of
New York City's East River is particularly
advantageous because of its strong tidal currents
and the good capacity factor (30%) that
it enables. Furthermore, deep draft vessels
use the West Channel of the East River, so
navigational issues were not a problem for
the RITE Phase 2 project.
" There is potential for as much as 10 MW
in the East River, " he said. " However, navigational
issues must be taken into account if
the project is to expand beyond the current 1
MW planned installation. No timeline is in
place for this potential additional capacity. "
He added that the only technical challenges
remaining for the East River location-as
for all locations-will be to find cost-effective
ways to deploy and retrieve hydrokinetic
systems for maintenance.
Fluctuations in the flow of the river due
to low rainfall or flooding conditions do not
affect the RITE project. Taylor explained that
" the East River is a tidal channel and therefore
is not affected. " Verdant Power management
selects rivers after thorough resource
assessments take into account variables such
as seasonal fluctuations.
Dealing with Environmental and
Security Concerns
" After multiple years of monitoring using
state-of-the-art hydroacoustic and sonar
May 2011 | POWER
systems, empirical evidence showed that
the six installed turbines (RITE Project,
Phase 2 demonstration) had minimal environmental
impacts " on birds and fish, Taylor
said. " Additional monitoring will be
conducted during the staged development
of the 1-MW pilot project to study any impacts
caused by a larger array. "
He explained that moving the proposed
Phase 3 project forward will require approvals
at the federal, state, and city levels.
If granted, these approvals will outline
operating parameters, including comprehensive
plans for environmental monitoring
to be conducted throughout the staged
development of the project.
As for security, the turbines are equipped
with sensors that can be read in real time
from around the world, Taylor said. In addition,
because the turbines are underwater
and cannot be seen, there is little concern
about security challenges. He pointed out
that " signs are posted and buoys anchored
around the turbine fields advising recreational
craft to stay clear of the area. "
Upbeat Downstream Projections
Verdant Power has plans to develop more
sites. However, in a cautionary comment,
Taylor pointed out that his company may
have to go outside of the U.S. to advance
its technologies, " because the economic
incentives do not yet exist in the U.S. to
meet the industry's needs. "
Nonetheless, he is optimistic that the
tide is beginning to rise for hydrokinetic
energy. For example, he described how the
RITE project could provide power to the
grid for electric vehicle charging stations,
thereby lessening greenhouse gas emissions.
Furthermore, hydrokinetic turbines
will create jobs in manufacturing, assembly,
deployment, retrieval, service, and
maintenance, according to Taylor: " It is
estimated that for every 1 GW of hydrokinetic
turbines produced, more than 1,500
full time jobs will be created. "
" Hydrokinetic energy, both bidirectional
(tidal) and unidirectional (river and manmade
channels), could provide at least 12
GW of installed capacity for the U.S. within
the next 10 years, provided the licensing
and permitting processes are streamlined, "
he said. " Longer term, the installed capacity
could be in excess of 60 GW, given the
advances in hydrokinetic technologies. " ■
-Angela Neville, JD, is senior
editor of POWER.
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POWER May 2011

Table of Contents for the Digital Edition of POWER May 2011

Contents
POWER May 2011 - Cover1
POWER May 2011 - Cover2
POWER May 2011 - Contents
POWER May 2011 - 2
POWER May 2011 - 3
POWER May 2011 - 4
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