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 output. This is where ocean energy steps in, offering a stable, cost-effective, and emission-free solution.
Wave and tidal energy technologies are uniquely positioned to complement variable renewables. Tidal energy, with its predictable output tied to the tides, provides a reliable counterpoint to the intermittency of wind and solar. Meanwhile, wave energy, driven by offshore winds, offers a complementary production profile to solar, peaking in winter when demand is highest and solar production is lowest. Moreover, wave energy devices can be integrated within offshore wind farms, optimizing maritime space and smoothing power generation.
The EVOLVE project, funded by various European entities, has quantified the benefits of ocean energy in Great Britain, Ireland, Portugal, and the Faroe Islands. Even small amounts of ocean energy in the grid significantly reduce fossil fuel consumption, CO₂ emissions, and dispatch costs. For instance, adding 1 GW of wave energy in Ireland by 2030 could cut annual carbon emissions by 12% and save €300 million in dispatch costs. Similar benefits are observed in Portugal and Great Britain, with more ocean energy leading to greater environmental and economic gains.
The Faroe Islands, aiming for a 100% renewable electricity sector by 2030, exemplify the potential of tidal energy. Their unique geography amplifies tidal streams, enabling continuous power generation. Adding 72 MW of tidal energy could reduce the net generation capacity needed by 83 MW and save €33 million in system costs from 2020-2030.
To scale up ocean energy, Europe must maintain grant funding for R&D, implement deployment targets and revenue support schemes, and develop specific permitting processes. Full-scale ocean energy devices have been proven at sea, and developers are ready for industrial roll-out. However, costs remain high, and support is needed to attract private investors and accelerate deployments.
The integration of ocean energy into Europe’s renewable mix could transform the electricity grid into a more secure, cheaper to manage, and 100% emission-free system. It’s not a question of if ocean energy will happen, but how quickly Europe can accelerate its industrialisation. With the right financial and political support, ocean energy can unlock its full potential, lowering electricity costs and replacing polluting fossil fuels with homegrown, emission-free power.