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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Download The Free Oilprice App Today

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Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

ADVERTISEMENT

Related: Everybody Loves Oil Again

Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

ADVERTISEMENT

The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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Download The Free Oilprice App Today

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Uncategorized

Tidal Energy To See Major Expansion This Decade

Article Republished By Javier Troconis

Tidal Energy To See Major Expansion This Decade | OilPrice.com

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

More Info

Premium Content

  • The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028.
  • The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021.
  • In the U.S., several tidal projects are already underway, with more expected to follow this year.

Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly. 

The global wave and tidal energy market is expected to grow from $0.58 billion in 2021 to $4.41 billion by 2028, at a CAGR of 33.2 percent. This will be spurred by greater investment in new wave and tidal energy-related power projects across several countries. This forms part of a larger aim globally to transition away from fossil fuels to renewable alternatives. Some analysts believe that tidal and wave energy could provide up to 10 percent of the world’s energy needs thanks to the world’s abundant water sources. However, the International Energy Agency’s (IEA) Ocean Tracking Report suggests tidal and wave power technology must be deployed at a faster rate if countries around the world hope to achieve net-zero carbon emissions by 2050. 

Several countries are launching tidal energy operations and expanding on previous projects in the hope of boosting their renewable energy capacity and diversifying the mix of green energy sources. In the Philippines, the San Bernardino Ocean Power Corporation (SBOPC) has launched a request for proposals for the engineering, procurement, and construction (EPC) contract for its Capul Island Ocean Power Project, the first project of its kind. The aim is to produce 1MW of tidal energy using tidal instream energy conversion technology. Over the last nine years, SBOPC has carried out multiple surveys of the ocean to assess the suitability of the San Bernardino Strait between the Luzon and Visayas island groups.

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Meanwhile, in the U.K., well-known for its tidal energy operations, greater development is planned for 2023, as Orbital Marine Power commercialises its tidal stream technology. The company’s O2 project, in partnership with Horizon 2020, provided the world’s most powerful tidal turbine in 2021, and now the firm wants to go even further. Orbital was awarded 7.2MW of contracts for difference (CfDs) by the U.K. government in 2022. This will allow it to deliver a multi-turbine project in Orkney, Scotland, providing power to the U.K. grid for around 10,000 homes. 

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The U.K. continues to compete with the EU over tidal power dominance, with the EU having installed around half of the world’s new wave energy capacity in 2021. Europe’s tidal and wave energy installations increased to pre-pandemic levels in 2021 and 2022 as the EU drove forward its renewable energy policy to meet its ambitious climate targets. Across the region, 1.38 MW of wave energy came online, and 3.12 MW of tidal stream capacity was installed. This brings the figure to 11.5 MW of tidal stream installations in European waters. 

And in the U.S., several tidal projects are already underway, with more expected to follow this year. The Department of Energy (DoE) announced in October that it would be making $10 million of funding available for tidal and current energy systems, as part of President Biden’s Bipartisan Infrastructure Law. This makes a total of $45 million available for tidal projects. The DoE is encouraging community-based organisations to apply for the funding, to develop a tidal or current energy planning and execution project

As several countries around the globe put tidal energy on the political agenda, adding another renewable source of power to the green energy mix, we can expect several more projects to be developed over the next few years. While some governments, particularly in Asia, are still in the policy stage of tidal power development, other regions, such as Europe and North America, already have several tidal energy operations in full swing, with more expected to come online this year. 

By Felicity Bradstock for Oilprice.com

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India’s economy already 10% more energy efficient than G20 average: IEA

Article Republished By Javier Troconis

India’s economy is already 10 per cent more energy efficient than both the global and G20 average. India took less time to go from half to full electricity access than other major economies, the International Energy Agency (IEA) said on Monday.

Just hours ahead of Prime Minister Narendra Modi inaugurating the three-day India Energy Week in Bengaluru to showcase India’s rising prowess as an energy transition powerhouse, the IEA said the adoption worldwide of the kinds of actions and measures targeted by LiFE (Lifestyle for Environment), including behavioural changes and sustainable consumer choices, would reduce the annual global carbon dioxide emissions by more than 2 billion tonnes in 2030.

The LiFE initiative was launched by Prime Minister Narendra Modi at COP26 in Glasgow in November 2021.

It aims to encourage the adoption of sustainable lifestyles in India and internationally to tackle the challenges of environmental degradation and climate change.

A new report, “LiFE Lessons From India”, by the IEA looks at how India’s G20 Presidency this year could strengthen the LiFE initiative internationally to help reduce emissions, energy bills, and inequalities in per capita energy consumption and emissions between countries.

According to the LiFE initiative, the global adoption of such measures would also save consumers globally around $440 billion in 2030.

LiFE measures can also help lower inequalities in energy consumption and emissions between countries. The reductions the measures could deliver in per capita carbon dioxide emissions in advanced economies by 2030 are three to four times greater than in emerging market and developing economies, it says.

The report says already the third largest national market globally for renewables, India has recently seen the growth of consumer-centric solutions like distributed solar PV take off, with rooftop solar growing 30-fold in less than a decade.

Supportive policies and awareness campaigns in India have also driven electric passenger vehicles to a market share of almost five per cent in 2022 – with sales tripling from 2021.

India’s example shows the importance of behavioural change and consumption choices in driving energy transitions.

The IEA has analysed the impact of measures like those proposed by the LiFE initiative, such as buying an EV or taking public transport, as part of comprehensive energy transition strategies.

IEA Executive Director Fatih Birol told IANS, “India’s G20 Presidency this year represents a unique opportunity to globalise the LiFE initiative — providing a knowledge-sharing platform for other leading economies to realise the impact that LiFE’s recommendations can have in the fight against climate change, air pollution and unaffordable energy bills.

“Since the G20 makes up nearly 80 per cent of global energy demand, meaningful changes by its members can make a big difference.”

The International Monetary Fund estimates that India will be the world’s third-largest economy by 2027, and India is already on course to become the most populous country this year.

Its critical challenge is to ensure secure and affordable energy for growth while advancing its net-zero transition over the coming decades.

To meet these challenges, India has embarked on a dynamic new phase in its energy transformation, which spans three broad areas.

Firstly, it has launched important initiatives to bring down the prices and increase the supply of clean energy. These include a target of non-fossil fuel sources contributing to 50 per cent of India’s power generation capacity by 2030; a National Green Hydrogen Mission with the ambition of establishing annual renewable hydrogen production of 5 million tonnes (Mt) by 2030; and biofuel mandates that target 30 per cent blending of ethanol in petrol by 2030.

Secondly, India seeks to domesticate parts of the global supply chains that will be critical to its new energy economy. This includes the Production Linked Incentive (PLI) scheme that promotes the domestic manufacturing of solar PV, advanced batteries and electric vehicles.

Thirdly, the government has focused on demand-side measures, including taking the first steps towards the creation of a national carbon market, an energy efficiency trading scheme for industries, incentivising the purchase of electric vehicles, bulk procurement of electric buses for public transport, standards and labelling of appliances, and most recently, the Lifestyles for Environment (LiFE) initiative that aims to nudge behaviours and individual consumption choices towards cleaner alternatives.

These measures have immense potential but need global support. The IEA estimates that India will need $145 billion per year until 2030 in clean energy investment to put it on a path towards net-zero emissions by 2070. This is triple the current level of annual clean energy investment in India.

(Vishal Gulati can be contacted at vishal.g@ians.in)

20230206-055202

Categories
Uncategorized

India’s economy already 10% more energy efficient than G20 average: IEA

Article Republished By Javier Troconis

India’s economy is already 10 per cent more energy efficient than both the global and G20 average. India took less time to go from half to full electricity access than other major economies, the International Energy Agency (IEA) said on Monday.

Just hours ahead of Prime Minister Narendra Modi inaugurating the three-day India Energy Week in Bengaluru to showcase India’s rising prowess as an energy transition powerhouse, the IEA said the adoption worldwide of the kinds of actions and measures targeted by LiFE (Lifestyle for Environment), including behavioural changes and sustainable consumer choices, would reduce the annual global carbon dioxide emissions by more than 2 billion tonnes in 2030.

The LiFE initiative was launched by Prime Minister Narendra Modi at COP26 in Glasgow in November 2021.

It aims to encourage the adoption of sustainable lifestyles in India and internationally to tackle the challenges of environmental degradation and climate change.

A new report, “LiFE Lessons From India”, by the IEA looks at how India’s G20 Presidency this year could strengthen the LiFE initiative internationally to help reduce emissions, energy bills, and inequalities in per capita energy consumption and emissions between countries.

According to the LiFE initiative, the global adoption of such measures would also save consumers globally around $440 billion in 2030.

LiFE measures can also help lower inequalities in energy consumption and emissions between countries. The reductions the measures could deliver in per capita carbon dioxide emissions in advanced economies by 2030 are three to four times greater than in emerging market and developing economies, it says.

The report says already the third largest national market globally for renewables, India has recently seen the growth of consumer-centric solutions like distributed solar PV take off, with rooftop solar growing 30-fold in less than a decade.

Supportive policies and awareness campaigns in India have also driven electric passenger vehicles to a market share of almost five per cent in 2022 – with sales tripling from 2021.

India’s example shows the importance of behavioural change and consumption choices in driving energy transitions.

The IEA has analysed the impact of measures like those proposed by the LiFE initiative, such as buying an EV or taking public transport, as part of comprehensive energy transition strategies.

IEA Executive Director Fatih Birol told IANS, “India’s G20 Presidency this year represents a unique opportunity to globalise the LiFE initiative — providing a knowledge-sharing platform for other leading economies to realise the impact that LiFE’s recommendations can have in the fight against climate change, air pollution and unaffordable energy bills.

“Since the G20 makes up nearly 80 per cent of global energy demand, meaningful changes by its members can make a big difference.”

The International Monetary Fund estimates that India will be the world’s third-largest economy by 2027, and India is already on course to become the most populous country this year.

Its critical challenge is to ensure secure and affordable energy for growth while advancing its net-zero transition over the coming decades.

To meet these challenges, India has embarked on a dynamic new phase in its energy transformation, which spans three broad areas.

Firstly, it has launched important initiatives to bring down the prices and increase the supply of clean energy. These include a target of non-fossil fuel sources contributing to 50 per cent of India’s power generation capacity by 2030; a National Green Hydrogen Mission with the ambition of establishing annual renewable hydrogen production of 5 million tonnes (Mt) by 2030; and biofuel mandates that target 30 per cent blending of ethanol in petrol by 2030.

Secondly, India seeks to domesticate parts of the global supply chains that will be critical to its new energy economy. This includes the Production Linked Incentive (PLI) scheme that promotes the domestic manufacturing of solar PV, advanced batteries and electric vehicles.

Thirdly, the government has focused on demand-side measures, including taking the first steps towards the creation of a national carbon market, an energy efficiency trading scheme for industries, incentivising the purchase of electric vehicles, bulk procurement of electric buses for public transport, standards and labelling of appliances, and most recently, the Lifestyles for Environment (LiFE) initiative that aims to nudge behaviours and individual consumption choices towards cleaner alternatives.

These measures have immense potential but need global support. The IEA estimates that India will need $145 billion per year until 2030 in clean energy investment to put it on a path towards net-zero emissions by 2070. This is triple the current level of annual clean energy investment in India.

(Vishal Gulati can be contacted at vishal.g@ians.in)

20230206-055202