Waiving Profitability: The Oregon Wave Energy Trust’s Failure to Achieve a Return on Public Investment
By Joel Grey
The Oregon Wave Energy Trust (OWET) is a nonprofit, public-private partnership established by the Oregon State Legislature that works to “responsibly develop ocean energy by connecting stakeholders, supporting research and development, and engaging in public outreach and policy work.” Since its inception in 2007, OWET has received nearly $12 million dollars in public funding from the Oregon Innovation Council (Oregon InC), another government-sponsored entity. Oregon InC claims its initiatives must earn a profit, but that is clearly not the case with OWET. None of the money spent to date by OWET has led to any profitability.
Joel Grey is a research associate at Cascade Policy Institute. He is an undergraduate at George Fox University.