announcement

ASX Announcement
26th August 2008
Base-load renewable energy power price incentive in Western Australia
Carnegie Corporation (ASX: CNM) advises that the Premier of Western Australia Mr Alan
Carpenter today announced during a visit to Albany that if re-elected the State Government
will introduce a power price incentive for base-load renewable energy projects in Western
Australia such as Carnegie’s wave energy technology. Carnegie understands that a
$100/MWh subsidy will be paid to base-load renewable energy projects in Western Australia
for a period of 5 years.
Carnegie understands this subsidy is to be paid on the first 1MW equivalent of generation
every year and is in addition to any revenue a project would otherwise receive from a power
customer and from any carbon pricing mechanism such as the proposed Federal Government
carbon pollution reduction scheme.
Carnegie Corporation’s Managing Director Dr Michael Ottaviano said;
“This is another significant step forward for Carnegie’s base-load wave energy commercial
demonstration project. This is very encouraging sign that Australian Governments are now
recognising the potential that wave energy has to provide a significant proportion of
Australia’s renewable energy in the short and medium term.”
About the CETO Technology
Named after a Greek ocean goddess, the CETO system distinguishes itself from other wave
energy devices by operating out of sight and being anchored to the ocean floor. An array of
submerged buoys is tethered to seabed pump units. The buoys move in harmony with the
motion of the passing waves, driving the pumps which in turn pressurize seawater that is
delivered ashore via a pipeline. The high-pressure seawater is used to drive hydro turbines,
generating base-load, zero-emission electricity. The high-pressure seawater can also be used
to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting pumps
usually required for such plants.
CETO characteristics include:
• CETO converts wave energy into base-load zero-emission electricity.
• CETO is environmentally friendly, has no visual impact and attracts marine life.
• CETO is fully submerged in deep water away from popular surf breaks and safe from
storms.
Wave as a renewable energy source:
• Wave Energy is renewable energy which can power the world twice over.
• Australia has the largest and best wave energy resource of any country.
• 60% of the world lives within 60km of a coast, minimizing transmission issues.