Commission study shows deep cost reductions for ocean energy
The May edition of the SETIS magazine dedicated to ocean energy showcases the development of ocean energy in Europe and worldwide.
The cost of tidal stream has decreased by more than -40% in just 3 years. This is well below the 2015 forecasts and it was achieved with just 12MW of deployed tidal capacity.
Furthermore, ongoing demonstration projects prove that electricity can be generated continuously, and that capacity factors of 37% or higher are achievable.
Similar cost reductions for wave energy can be expected with the continued support from Horizon 2020 and Horizon Europe programmes.
Further deployment is needed to exploit the full potential of the ocean energy sector - supported by Investment Support Fund & EU Insurance and Guarantee Fund. These reduce the risks faced by technology and project developers and pave the way to industrialisation.
The report can be found here.