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contributed to the current market surplus. It recommended the establishment of a global free trade agreement for renewable energy products, and indicated that the World Trade Organization’s Information Technology Agreement (ITA) is a model for such an agreement. Verdant Power (Verdant)2 In a written submission to the Commission, Mr. William H. Taylor, Co-founder and President of Verdant Power, said that marine and hydrokinetic (MHK) energy is derived from ocean tides, waves, and currents; temperature gradients in the ocean; and free- flowing rivers and streams. Mr. Taylor stated that an important MHK-related service involves resource assessment, wherein potential MHK energy resources and sites are analyzed to determine the technical and economic feasibility of deploying of MHK devices and long-term project development. Mr. Taylor noted that MHK resource assessment services are not fully developed globally and represent an opportunity for U.S. firms. According to Mr. Taylor, the global market for MHK resources is an estimated 400,000 GW, but there are few firms focused on providing such detailed resource assessment services. Mr. Taylor noted that most investment in the MHK sector has been related to MHK device developers, but in recent years investment has declined due to the Great Recession and cheap natural gas in North America. Mr. Taylor stated that MHK resource assessment services have been secondary to MHK device development and limited mostly to macro assessments of MHK resources. According to Mr. Taylor, a primary barrier to the provision of site-specific resource assessment is the experience required to provide these services effectively. Mr. Taylor noted that the service provider must understand resource assessment/project feasibility from a scientific perspective and from the perspective of a device/project developer. Mr. Taylor stated that Verdant, based in New York City, is uniquely equipped with this combined expertise. He noted that the firm installed and operated the world’s first grid- connected array of MHK tidal devices through its Roosevelt Island Tidal Energy Project located in the East River of New York. Mr. Taylor stated that this project has increased the firm’s resource assessment techniques as well as its device/project developer capabilities. Mr. Taylor said that Verdant has used its resource assessment methodology to assess sites in Canada and the United States. According to Mr. Taylor, an additional barrier to site-specific resource assessments is a lack of public funding. Mr. Taylor noted that funding mechanisms should be developed for MHK resource assessments in order to increase domestic expertise in this area and to expand U.S. exports of these services. 2 Verdant, written submission to the USITC, March 1, 2013. C-4PDF Image | Renewable Energy and Related Services: Recent Developments
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