agreement with synergy

It always amazes me when a lot more information is provided in a random media interview than in an actual announcement. But great to see things happening. CNM just keep putting all the pieces together. Keep it up!

WA power retailer to buy wave energy

Western Australia's largest electricity retailer has signed an in-principle agreement with a wave power company to buy its energy.

Synergy has signed a memorandum of understanding with Carnegie Corporation, which is developing a large-scale commercial demonstration facility in WA.

Named CETO, after the sea goddess of Greek mythology, the technology harnesses the power of the ocean's waves to generate electricity.

Synergy said it was satisfied with the results of a trial conducted by Carnegie in Fremantle and would purchase the energy and environmental rights from the first stage of the project.

The Synergy deal is important for the future of the facility.

As part of feasibility studies, Carnegie needed to prove there was a market for wave energy by securing a buyer.

Carnegie managing director Michael Ottaviano said two potential sites had been identified for the project in Albany, in WA's south, and Garden Island, west of Perth.

"It needs to be connected to the power transmission system in WA," Mr Ottaviano said.

"We expect an investment decision to be made mid-2009."

The first stage of the project would have the capacity to generate six megawatts of power, which could be boosted to a larger capacity of 50 megawatts.

Synergy managing director Jim Mitchell said it was important to facilitate investment in new and innovative technologies.

"We are an ideal counter party for Carnegie with our customer base and our desire to support new projects such as this as we pursue a diverse portfolio," Mr Mitchell said.

"This is an exciting development as it offers green energy and it is a more consistent form of renewable energy."

http://news.ninemsn.com.au/article.aspx?id=735825