Science

Wave Generated Energy Is About To Become A Game Changer In Electricity Markets

The alternative energy is nothing new nowadays because, in time, humans already started finding new ways to use the renewable sources such as water, wind, and sun in more efficient ways. The resources of the alternative energy haven`t changed, but the technology sure did and the first step ahead was made by Australia. Carnegie Wave Energy Limited has created The Perth Wave Energy Project’s CETO 5, a wave energy generators which are using the power of the ocean waves to transform water into energy and can even be used to make clean water.

So far, the privilege of using the latest invention is on the naval base situated nearby. Wave energy is transformed into electricity by 3 CETO units which connected to a power grid are producing 14000 cumulative hours of energy. The project will get bigger as future installments are still in planning stages. You can see from the video below the exact working process of CETO 5.  240kW buoys tethered to water pumps convert the movement of the ocean waves into high-powered water, which is then used to create hydroelectricity to power a reverse-osmosis desalination plant.

Thus, Carnegie Wave Energy is guaranteeing that the system doesn’t cause pollution, so it doesn`t harm the ocean life, and can function well in big depths, so it won’t be destroyed by storms.

Ian Macfarlane, Federal Energy Minister of Australia has stated:

“Wave-powered generation could hold the key to viability of renewable energy because it was predictable and could run all day. This is one of the great success stories in innovation in renewable energy.”

Following the example of Australia, with smaller adjustments to the technology, many other places in the world can utilize wave energy to effectively produce electric energy for their citizens.

Click for larger image. Source: http://carnegiewave.com/

Taking place in the top five major financial institutions of the US, with assets which are evaluated more than $2.5 trillion, JPMorgan and Bush family corporate energy cartel won`t sit still while the alternative energy technologies eat their piece of the cake. Americans should be aware of the crimes that JPMorgan Chase has obviously done in the past. Just a review of the last couple of years of JPMorgan Chase`s annual reports can reveal various illegal activities. Let`s underline a few interesting moments from those reports:

In 2011, JPMorgan Chase violated the Service Members Civil Relief Act and Housing and Economic Recovery Act of 2008, paying a $35 million settlement fee to military families that claimed they were overcharged on their mortgages.

In 2012, the company made a payment to the US government in the amount of $659 to settle charges that it charged veterans hidden fees in mortgage contracts.

Later that year, the company paid for a settlement for conspiring to set the price of credit and debit card interchange fees in the amount of $1.2 billion.

In 2013, JPMorgan Chase has made money transfers in fines in total amount of $80 million and money transfers as refunds to clients who were billed for credit monitoring charges that were never provided by the bank in total amount of $309 million.

Later in 2013, JPMorgan Chase made a payment as part of a settlement for fraud in mortgage-backed securities in the amount of $4.5 billion.

The list continues as the company pays settlement fees for illegal rigging of benchmark interest rates and overcharging clients for overdraft fees $79.9 and $110 respectively.

In order to settle a claim of the bidding manipulation that transpired in California and Midwest electricity markets, JPMorgan Chase has paid an amount of $410 million to the Federal Energy Regulatory Commission, also known as energy fixing.

JPMorgan Chase paid millions more for insurance fraud, facilitating Bernie Madoff’s embezzlement of $64.8 billion from tens of thousands of unsuspecting investors.

Luckily, we have more genius minds like Nikola Tesla left, so soon, as we adopt technologies like these, we hope we won’t have the need for burning fossil fuels anymore.

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