Hopes Dim for Renewable Power From Ocean Waves and Tides

Harnessing the power of the oceans sounds like a great way to make electricity. There’s no Nimby problem because the generating equipment is out at sea. Waves and tides aren’t as subject to the vagaries of weather as solar and wind energy are. With oceans covering two-thirds of earth’s surface, it can seem the ultimate source of clean, renewable energy.

Why, then, are so many marine-power companies going out of business? Pelamis Wave Power of Scotland, a global leader in the sector, is seeking bankruptcy protection after running out of money last month. Germany’s Siemens is exiting the business and putting its Marine Current Turbines unit up for sale because of slower-than-expected development. Ocean-power companies in Australia and Ireland also have closed up shop recently, and others are struggling. New Jersey-based Ocean Power Technologies this year canceled plans to deploy wave-generating equipment off the coast of Oregon and in Australia.