Ocean Thermal Energy Conversion Research, Development, and Demonstration Act Statement on Signing H.R. 7474 Into Law.

I have signed H.R. 7474, the Ocean Thermal Energy Conversion Research, Development, and Demonstration Act, a bill to establish within the Department of Energy an accelerated research and development program to foster the early use of ocean thermal energy conversion (OTEC) facilities. Senator Matsunaga and Representative Fuqua are to be commended for recognizing the potential contribution that renewable energy resources can make in meeting our Nation's longterm energy needs.

The bill establishes a long-term national goal of 10,000 megawatts of electrical capacity or energy product equivalent from OTEC systems by the year 1999. In order to achieve this goal as well as intermediate goals and to facilitate the development of an industrial base for OTEC technology, this bill authorizes the Secretary of Energy to design, construct, and operate two OTEC demonstration facilities on a cost-sharing basis.

In implementing the provisions of this bill, the Department will carry out a measured program for the development of OTEG technology consistent with technological developments and sound fiscal policy. A major commitment by the private sector will be indispensable to the successful development of OTEC technology, and the Department of Energy will seek significant cost-sharing by the private sector for these demonstration facilities.