Europe’s ambitious target of an emission-free energy system by 2050 hinges on a massive scale-up of renewable energy production. Wind and solar, currently the cheapest forms of electricity production, will undoubtedly form the backbone of this future energy system. However, their variability necessitates complementary renewable sources to balance the grid when nature’s whims reduce their output. This is where ocean energy steps in, offering a stable, cost-effective, and emission-free solution.
Wave and tidal energy technologies present a compelling case for complementing variable renewables. Tidal energy, with its predictable output based on the accurate forecasting of tidal cycles, provides a reliable counterbalance to the intermittency of wind and solar. Meanwhile, wave energy devices, which capture the motions of ocean waves, offer a unique advantage: they produce significantly more energy in winter, precisely when Europe’s electricity demand peaks. This seasonal alignment with demand makes wave energy an excellent partner to solar, further smoothing the overall power generation curve.
The EVOLVE project, funded by various European entities, has quantified the benefits of ocean energy in Great Britain, Ireland, Portugal, and the Faroe Islands. The findings are striking. For instance, adding just 1 GW of wave energy to Ireland’s 2030 energy mix could reduce annual carbon emissions by 12% and save €300 million in dispatch costs. Similarly, Portugal could see a 16.4% reduction in carbon emissions and €230 million in savings with the same investment. Even in Great Britain, where ocean energy represents a smaller proportion of the total energy mix, the impact is substantial, with a 2.6% reduction in carbon emissions and £100 million in savings. The Faroe Islands, aiming for a 100% renewable electricity sector by 2030, could reduce their net generation capacity needs by 83 MW and save €33 million in system costs with 72 MW of tidal energy.
These figures underscore the potential of ocean energy to transform Europe’s electricity grid into a more secure, cheaper to manage, and 100% emission-free system. However, scaling up ocean energy presents challenges. Full-scale devices have been proven at sea, but costs remain high, and support is needed to trigger a full industrial roll-out. Grant funding for R&D, deployment targets, ring-fenced revenue support schemes, and specific permitting processes are crucial to accelerate deployments and reduce costs.
The question is no longer if ocean energy will happen, but how can we accelerate its industrialisation? Financial and political support from all levels of government is needed to increase the deployment of ocean energy and unlock its full potential for Europeans. Europe must press on and transform years of innovation support for ocean energy into a new industry that will lower electricity costs and replace polluting fossil fuels with emission-free, homegrown power. The path forward is clear, and the benefits are undeniable. It’s time to ride the wave of ocean energy into a sustainable future.