Activities in the Mediterranean include:<\/p>\n
- \n
- Italian power producer, Enel Green Power is working with home-grown developer 40South Energy on the updated version of its device in the Marina di Pisa;<\/li>\n
- Also in Italy, project developer Eni is active in the sector, with a project in the Adriatic Sea (with the US-based OPT technology) and another in Ravenna;<\/li>\n
- Danish outfit Wavepiston signed a \u20ac4.9m contract for a combined wave and desalination project in Sardinia and also has a project underway to install a full-scale device in Gran Canaria, Spain; and<\/li>\n
- SINN Power from Germany have five full-scale wave machines installed on the Greek island of Crete, with a bigger array in the pipeline.<\/li>\n<\/ul>\n
![\"\"](\"https:\/\/www.innovationnewsnetwork.com\/wp-content\/uploads\/2020\/12\/2-Ocean-Energy-Europe-1024x576.jpg\")
Finnish developer Wello\u2019s brand new 1MW \u2018Penguin\u2019 wave converter is on its way to start a two-year test programme in northern Spain, following successful testing of the first full-scale device<\/figcaption><\/figure>\n What are Ocean Energy Europe\u2019s ultimate aims and objectives? What is it doing to support and help grow the European wave energy sector?<\/h3>\n
Ocean Energy Europe\u2019s main objective is to build a vibrant ocean energy sector in Europe which maximises its potential both in terms of resource and in terms of economic and environmental benefits. Creating a supportive policy environment in which this can happen is a major part of our work, both at the EU and national levels.<\/p>\n
We advocate for the ocean energy sector at the European level and engage in dialogue with national and regional governments, focussing on relevant policy dossiers and funding mechanisms. For wave energy, we place a particular emphasis on RD&I funding via programmes such as Horizon Europe, but also on innovative financing tools for demonstration projects. We are also active in relevant EU projects, such as the new EuropeWave, which will support wave energy developers to advance their technology via a \u2018stage-gate\u2019 process. To date, the EU has allocated \u20ac650m for ocean energy activities since 2007.<\/p>\n
The European Commission envisions a significant role for \u2018emerging technologies\u2019, including wave energy in its new offshore renewable energy strategy. What does that mean for the future of the sector?<\/h3>\n
The inclusion of ocean energy in the forthcoming strategy is very positive indeed! It recognises the industrial potential of ocean energy and the need for a greater diversity of renewable energy sources in addition to wind energy and solar PV.<\/p>\n
Ocean Energy Europe is calling on the European Commission to include an ambitious deployment target of 100MW by 2025 for ocean energy in the strategy. This target should be flanked by four priority actions, designed to accelerate growth and reduce risk \u2013 as outlined in our recent position paper<\/a>. By doing this, the EU will provide the stimulus for 2.6GW of ocean energy in Europe by 2030. This will give a clear signal to both the sector and investors, leveraging more private investment and getting an increasing number of machines in the water, which would propel this new industry into the mainstream, where it can replicate the successes of its offshore wind predecessor.<\/p>\n
What are the main drivers for the sector\u2019s growth in Europe?<\/h3>\n
The story of the offshore wind sector shows us that strong, supportive policies directly increase deployments, which in turn brings down costs. The more wave energy capacity is installed, the more economies of scale and accelerated learning will bring down costs.<\/p>\n
Revenue support \u2013 typically in the form of feed-in-tariffs \u2013 is needed at the national level to give developers and investors greater certainty and to leverage private financing. This kind of \u2018blended\u2019 public-private financing is the best shot for developers to climb out of the \u2018valley of death\u2019. Revenue support would offer wave energy the same opportunities that mature renewable technologies have enjoyed for decades.<\/p>\n
How do you predict the sector will grow over the next 30 years?
\nWhat percentage of EU power demand will be met by wave energy in 2050?<\/h3>\nOur recent 2030 Ocean Energy Vision shows that by the end of the decade, 2.6GW of ocean energy could be installed in Europe. By 2050, this could grow to 100GW. Up to 80GW of that could come from wave energy, equivalent to 8% of the EU\u2019s current electricity consumption.<\/p>\n
This is still just a fraction of wave energy\u2019s massive global potential. In fact, with an estimated potential capacity of 29,500TWh per year, wave energy alone could theoretically meet all of the world\u2019s energy demands.<\/p>\n
Are there any challenges\/issues that could potentially affect that growth? And if so, how is OEE supporting the sector to overcome them?<\/h3>\n
As already mentioned, strong policy frameworks are a crucial factor in the success of the sector, as they will bring down costs and leverage private investment. Co-operation between countries is also essential for the success of the sector. We can already see from the projects that are underway just how \u2018transnational\u2019 wave energy is, with many involving partners from two, three, or even more countries. Aligning permitting, monitoring, and standards across borders will make installing wave energy smoother and faster.<\/p>\n
![\"\"](\"https:\/\/www.innovationnewsnetwork.com\/wp-content\/uploads\/2020\/12\/3-Ocean-Energy-Europe-\u00a9-Colin-Keldie-1024x576.jpg\")
\u00a9 Colin Keldie
Swedish CorPower Ocean\u2019s commercial-scale C4 device will hit the waters of Northern Portugal in 2021, after its half-scale machine proved its reliability and exceeded power production expectations in Orkney, Scotland<\/figcaption><\/figure>\nHow important is research and development to the future of the wave energy sector? What have been the most important developments\/technological advances in recent years? How significant a role are European companies playing in R&D?<\/h3>\n
Wave energy technology has its origins in Europe \u2013 the first wave energy device was created in France in 1799. Although innovation in ocean energy is picking up in the rest of the world, a quarter of all patents in ocean energy still originate from European countries.<\/p>\n
The experience gained by European companies as the frontrunners in wave and tidal energy mean they are already looking to export their technology globally, and indeed many projects in other parts of the world use European technology and expertise.<\/p>\n
Continued investment in research and development is important for wave energy. While a wide range of designs caters for different sites and varying wave strengths, there is still the need for some consolidation of the design and standardisation of components, particularly for utility-scale devices.<\/p>\n
In recent years, developers have been successful in proving the reliability and robustness of their machines, while exporting ever-increasing volumes of power to the grid. This needs to be supplemented by consistent power generation data in order to boost investor confidence.<\/p>\n
How much of an issue is access to finance? How does OEE support the sector to access funding?<\/h3>\n
Access to affordable finance is critical for wave energy developers \u2013 as it is for all emerging technologies \u2013 in order to cross the \u2018valley of death\u2019. While public funding is still an important part of getting any wave energy project off the ground, it serves an even more important function in reducing project risk and leveraging private finance.<\/p>\n
OEE actively works with the EU institutions and national governments to make sure these instruments are fit-for-purpose and to cater to the needs of ocean energy technologies. The Innovation Fund, the BlueInvest Platform, and the European Investment Bank\u2019s InnovFin EDP are all examples of financing instruments that provide grants, loans, and equity to get projects over the line.<\/p>\n
How important is wave energy to achieving a carbon neutral future?<\/h3>\n
All recent major models of the future energy system, from IRENA to Bloomberg NEF, show Europe running on between 80-100% renewable energy in 2050. Making this a reality means deploying second-generation technologies such as wave energy alongside mature renewables such as wind and solar. In a decarbonised energy system, diversity is strength.<\/p>\n
Why does wave energy have such a vital role to play in creating a stable, low-cost energy system? Apart from being emission-free, abundant, and infinite, wave energy\u2019s trump card in this scenario is its complementarity to wind and solar power. These variable renewables need careful balancing to make sure the lights stay on. The advantages of waves include the fact that they are more predictable and that they generate power long after the wind has dropped, helping to smooth out electricity production.<\/p>\n
How important is wave energy to Europe\u2019s future economic growth?<\/h3>\n
Ocean energy technologies such as those concerning wave energy embody the dual goals of the EU\u2019s Green Deal. Delivering this flagship recovery strategy relies on the large-scale deployment of new, clean technologies and on building resilient industries that can withstand economic uncertainty.<\/p>\n
By 2050, ocean energy could bring 400,000 jobs to the European economy. Coastal regions and the maritime sector will undoubtedly benefit from this new economic activity, with countless opportunities for diversification and co-operation. Even countries without a coastline can get in on the act \u2013 the supply chain extends across Europe, bringing skilled jobs to people and companies with expertise in manufacturing and services.<\/p>\n
Even before the coronavirus crisis, it was clear that \u2018business-as-usual\u2019 was not going to be enough to deliver a sustainable energy future. Wave energy is a perfect example of a disruptive technology that not only has a vital role to play in the energy transition, but also in a recovery that is environmentally, socially, and economically just.<\/p>\n
References<\/h4>\n
- \n
- Revised downwards from original estimate of 3MW (see OEE\u2019s 2019 Stats & Trends<\/a>), due to unavoidable delays caused by COVID-19 restrictions<\/li>\n<\/ol>\n
Ocean Energy Europe (OEE)<\/strong>
\n+32(0)2400104<\/strong>
\na.parsons@oceanenergy.eu<\/a><\/strong>
\nTweet @OceanEnergyEU<\/strong>
\nwww.oceanenergy-europe.eu<\/a><\/strong><\/p>\nPlease note, this article will also appear in the fourth edition of our\u00a0<\/em><\/strong>new quarterly publication<\/strong><\/em><\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"
- Revised downwards from original estimate of 3MW (see OEE\u2019s 2019 Stats & Trends<\/a>), due to unavoidable delays caused by COVID-19 restrictions<\/li>\n<\/ol>\n