Weekly Intelligence Brief

Ontario government backs Verdant Power tidal energy project

8 May 2008

Hoping to capitalize on the tremendous amount of free, tidal energy offered by the St. Lawrence River, the government of Ontario has committed $2.2m for a 15 MW underwater turbine project to be handled by New York-based Verdant Power. The turbines will be installed on the floor of the river and used to generate enough electricity to power up to 11,000 homes.

Company officials estimate that there may be enough power in Canada’s water currents, rivers and channels to produce close to 15,000 MW — enough to provide electricity for over 11m homes. Verdant Power’s first — and only other — large-scale turbine project, the RITE (Roosevelt Island Turbine Energy Project), in New York’s East River is expected to generate close to 10 MW when it is completed.