| Wave & tidal power
under commercialisation, and addressing a gap in the global impact that wave energy can have. The study concludes that wave power will become cost-competitive with offshore wind power within a decade, with levelised cost of electricity below 70 €/ MWh by 2035. Mid-term projections indicate wave power competitiveness with offshore wind power, suggesting a levelised cost of electricity (LCoE) below 100 €/MWh by 2030. In the 2030s, point absorber based wave power can reach a potential of 39,700 TWh of electricity for <100 €/MWh. By 2050, the LCoE could further decrease to <50 €/MWh with the potential to provide 29,000 TWh of electricity. Continued research and development, market
growth-driven learning curves, and economies of scale will steadily reduce wave power costs, making it attractive to investors and policymakers, the researchers explain. They add that wave power can emerge to become an important source for coastal countries and regions with high population density and other factors limiting their onshore renewable energy potential, which otherwise would have to depend on energy imports. This research was conducted as part of the EU- SCORES project.
US opportunities The US Department of Energy’s Water Power
Technologies Office has offered a US$112.5 million funding opportunity to advance the commercial readiness of wave energy technologies through open water testing and system validation. The five-year investment will significantly accelerate the design, fabrication, and testing of multiple wave energy converters. Designed to reduce risks for deployments and
increase the potential for commercial adoption through longer-duration demonstrations (expected to last six months to two years), it will also offer additional benefits to help quickly advance WECs. These include the ability to identify and mature high-potential WEC technologies, reduce financial risks for developers and incentivise investors, progress technologies at smaller scales while developing toward utility scale, and increase learning for installation, operations, and maintenance. This opportunity will fund projects in three topic areas:
1. Up to US$16.875 million for wave device development and open water testing for remote/ offshore cases and power-at-sea applications.
2. Up to US$45 million for wave device development in direct support of coastal community needs, which may include power and/or desalinated water applications.
3. Up to US$50.625 million for wave device development in support of utility power needs, utilising offshore, grid-connected testing facilities.
Tapping into potential Both the potential for and challenges of harnessing
marine renewable energy sources were the focal point of recent research, looking at the integration of tidal and wave energy into national power grids. Although promising strides have been made in improving the efficiency and reliability of these systems, with innovations in turbine design, materials science, and operational strategies enhancing energy conversion
rates while addressing environmental impacts, the variability and intermittency of tidal and wave energy sources still present significant challenges to grid integration. According to research by Simbolon et al, the widespread adoption of tidal and wave energy faces several challenges, including high initial costs, technological hurdles, and regulatory barriers. Addressing these will require concerted effort from researchers, policymakers, and industry stakeholders to develop efficient integration strategies and supportive frameworks. Regulatory frameworks play a pivotal role in shaping development and deployment. Clear supportive policies that facilitate grid access, prioritise environmental sustainability, and promote stakeholder engagement are essential for fostering a conducive environment for development. Reminding policymakers about the critical need for supportive regulatory frameworks that streamline permitting processes, incentivise investment through financial mechanisms, and prioritise grid modernisation, the research highlights the need for clear and stable policy signals to attract private sector investment, drive innovation, and accelerate deployment. Collaboration with policymakers and researchers is essential to navigate regulatory challenges, optimise project planning, and maximise environmental and socio-economic benefits, while the authors highlight the crucial role of expanding knowledge through rigorous scientific inquiry and fostering innovation. Tidal and wave energy represent a promising
frontier in the pursuit of sustainable energy solutions, underscoring the need for continued innovation and investment in this field, Simbolon et al conclude. By integrating tidal and wave energy into national power grids, countries can reduce their reliance on fossil fuels. The successful harnessing of ocean energy not
only promises environmental benefits but economic opportunities too, particularly for coastal communities, through job creation and infrastructure development. As research and development efforts continue to overcome existing barriers, the authors believes that the vision of a resilient, clean energy system powered by the sea is increasingly within reach.
Above: Cost curves of the global economic potential of wave power for point absorber WEC, showing the total electricity generation potential at a particular LCOE level, i.e., 29,000 TWh can be generated for <50 €/MWh in 2050. Couresty of
www.sciencedirect. com/science/article/pii/S030 6261924005026?via%3Dihub
References
Techno-economic assessment of global and regional wave energy resource potentials and profiles in hourly resolution by Rasul Satymov, Dmitrii Bogdanov, Mojtaba Dadashi, George Lavidas, Christian Breyer. Applied Energy Volume 364, 15 June 2024, 123119
https://doi.org/10.1016/j. apenergy.2024.123119
Tapping Ocean Potential: Strategies for integrating tidal and wave energy into national power grids Roventus Simbolon, Widodo Sihotang and Jonhariono Sihotang. GEMOY: Green Energy Management and Optimization Yields Online ISSN 3063-1084 Volume 1, No. 1, 2024, pp. 49-65 Published by: Yayasan Cendikiawan Bersatu
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