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Genex to fast-track 1.6GW solar project as foundations complete for first big battery

Article Republished By Javier Troconis

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Renewable energy and storage developer Genex Power says foundations for its first big battery project are complete and awaiting the delivered of the Tesla Megapack batteries, as it looks to accelerate the solar component of an even bigger battery project in south west Queensland.

Genex is the owner of two operating solar farms in Queensland and NSW, but is looking to rapidly expand its portfolio in coming years with the addition of the Bouldercombe battery, the Kidston pumped hydro project, new wind and solar at Kidston, and the development of the Bulli Creek battery and solar precinct.

In a market briefing on Monday, Genex CFO Craig Francis said the concrete foundations for the 50MW/100MWh Bouldercombe battery have been finished, and the Tesla Megapack batteries are currently being shipped to Australia, and are due to arrive by the end of March.

The Bouldercombe battery will be the second utility scale battery to be opened in Queensland, after the bigger 100MW/150MWh Wandown South big battery that opened last year.

It is due to be switched on by the end of June and will result in a big lift in Genex revenues under a unique “fixed and floating” contract with Tesla that guarantees minimum returns and a share in the upside when the battery cashes in on volatile markets and price spike.

An even bigger revenue boost will occur when the landmark Kidston pumped hydro project – 250MW and eight hours of storage – begins operations by the end of 2025. That project is underpinned by a long term, inflation linked off take agreement with EnergyAustralia.

Genex says it has solved some geological hurdles at the site, located in a former open pit gold mine, by re-routing some proposed tunnelling. That will result in a cost over-run of up to $15 million, but the company insists the timeline is still on schedule.

Francis also said the company is looking to accelerate the solar component of the huge 2GW battery and solar precinct at Bull Creek. It intends to build a 400MW, two hour battery at the site, but says interest in the big solar components has been very strong.

“We thought the solar opportunity might be more medium term,” he told the conference call. “But it’s become very clear that for large scale renewables there is very, very strong demand indeed.

“So we’re looking to accelerate the solar portion of the project. And we’re now working hard on optimizing design layouts for sequenced staging of solar and battery phases of the project. And we’ve also kicked off procurement processes for those projects.

“We think there’ll be a single standalone battery 400 megawatts (with two ours storage) and up to 1.6 gigawatts of solar taking up the rest of the project.”

The big projects on the immediate development pipeline include the Kidston wind project, which has recently been expanded to 258MW (from 200MW) thanks to additional available capacity on a new transmission line being built by Powerlink,

Genex says the wind output profile, more at night and less during the day, fits in well with the overall Kidston project, and could help leave an opportunity for other 270MW of solar to the existing 50MW solar facility.

The company says the company is also looking at battery storage in NSW, where it operates the 50MW Jemalong solar farm near Dubbo. It says it has a strong relationship with Tesla, but is also open to discussions with other technology providers.

Genex had been subject of an approved but conditional 23c a share takeover offer from shareholder and IT billionaire Scott Farquhar and the US-based Skip Capital, but the offer was withdrawn in late December. Genex shares last traded at 16c a share. Farquhar remains a shareholder.

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Genex to fast-track 1.6GW solar project as foundations complete for first big battery

Article Republished By Javier Troconis

Total

1

Shares

Renewable energy and storage developer Genex Power says foundations for its first big battery project are complete and awaiting the delivered of the Tesla Megapack batteries, as it looks to accelerate the solar component of an even bigger battery project in south west Queensland.

Genex is the owner of two operating solar farms in Queensland and NSW, but is looking to rapidly expand its portfolio in coming years with the addition of the Bouldercombe battery, the Kidston pumped hydro project, new wind and solar at Kidston, and the development of the Bulli Creek battery and solar precinct.

In a market briefing on Monday, Genex CFO Craig Francis said the concrete foundations for the 50MW/100MWh Bouldercombe battery have been finished, and the Tesla Megapack batteries are currently being shipped to Australia, and are due to arrive by the end of March.

The Bouldercombe battery will be the second utility scale battery to be opened in Queensland, after the bigger 100MW/150MWh Wandown South big battery that opened last year.

It is due to be switched on by the end of June and will result in a big lift in Genex revenues under a unique “fixed and floating” contract with Tesla that guarantees minimum returns and a share in the upside when the battery cashes in on volatile markets and price spike.

An even bigger revenue boost will occur when the landmark Kidston pumped hydro project – 250MW and eight hours of storage – begins operations by the end of 2025. That project is underpinned by a long term, inflation linked off take agreement with EnergyAustralia.

Genex says it has solved some geological hurdles at the site, located in a former open pit gold mine, by re-routing some proposed tunnelling. That will result in a cost over-run of up to $15 million, but the company insists the timeline is still on schedule.

Francis also said the company is looking to accelerate the solar component of the huge 2GW battery and solar precinct at Bull Creek. It intends to build a 400MW, two hour battery at the site, but says interest in the big solar components has been very strong.

“We thought the solar opportunity might be more medium term,” he told the conference call. “But it’s become very clear that for large scale renewables there is very, very strong demand indeed.

“So we’re looking to accelerate the solar portion of the project. And we’re now working hard on optimizing design layouts for sequenced staging of solar and battery phases of the project. And we’ve also kicked off procurement processes for those projects.

“We think there’ll be a single standalone battery 400 megawatts (with two ours storage) and up to 1.6 gigawatts of solar taking up the rest of the project.”

The big projects on the immediate development pipeline include the Kidston wind project, which has recently been expanded to 258MW (from 200MW) thanks to additional available capacity on a new transmission line being built by Powerlink,

Genex says the wind output profile, more at night and less during the day, fits in well with the overall Kidston project, and could help leave an opportunity for other 270MW of solar to the existing 50MW solar facility.

The company says the company is also looking at battery storage in NSW, where it operates the 50MW Jemalong solar farm near Dubbo. It says it has a strong relationship with Tesla, but is also open to discussions with other technology providers.

Genex had been subject of an approved but conditional 23c a share takeover offer from shareholder and IT billionaire Scott Farquhar and the US-based Skip Capital, but the offer was withdrawn in late December. Genex shares last traded at 16c a share. Farquhar remains a shareholder.

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Genex to fast-track 1.6GW solar project as foundations complete for first big battery

Article Republished By Javier Troconis

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Renewable energy and storage developer Genex Power says foundations for its first big battery project are complete and awaiting the delivered of the Tesla Megapack batteries, as it looks to accelerate the solar component of an even bigger battery project in south west Queensland.

Genex is the owner of two operating solar farms in Queensland and NSW, but is looking to rapidly expand its portfolio in coming years with the addition of the Bouldercombe battery, the Kidston pumped hydro project, new wind and solar at Kidston, and the development of the Bulli Creek battery and solar precinct.

In a market briefing on Monday, Genex CFO Craig Francis said the concrete foundations for the 50MW/100MWh Bouldercombe battery have been finished, and the Tesla Megapack batteries are currently being shipped to Australia, and are due to arrive by the end of March.

The Bouldercombe battery will be the second utility scale battery to be opened in Queensland, after the bigger 100MW/150MWh Wandown South big battery that opened last year.

It is due to be switched on by the end of June and will result in a big lift in Genex revenues under a unique “fixed and floating” contract with Tesla that guarantees minimum returns and a share in the upside when the battery cashes in on volatile markets and price spike.

An even bigger revenue boost will occur when the landmark Kidston pumped hydro project – 250MW and eight hours of storage – begins operations by the end of 2025. That project is underpinned by a long term, inflation linked off take agreement with EnergyAustralia.

Genex says it has solved some geological hurdles at the site, located in a former open pit gold mine, by re-routing some proposed tunnelling. That will result in a cost over-run of up to $15 million, but the company insists the timeline is still on schedule.

Francis also said the company is looking to accelerate the solar component of the huge 2GW battery and solar precinct at Bull Creek. It intends to build a 400MW, two hour battery at the site, but says interest in the big solar components has been very strong.

“We thought the solar opportunity might be more medium term,” he told the conference call. “But it’s become very clear that for large scale renewables there is very, very strong demand indeed.

“So we’re looking to accelerate the solar portion of the project. And we’re now working hard on optimizing design layouts for sequenced staging of solar and battery phases of the project. And we’ve also kicked off procurement processes for those projects.

“We think there’ll be a single standalone battery 400 megawatts (with two ours storage) and up to 1.6 gigawatts of solar taking up the rest of the project.”

The big projects on the immediate development pipeline include the Kidston wind project, which has recently been expanded to 258MW (from 200MW) thanks to additional available capacity on a new transmission line being built by Powerlink,

Genex says the wind output profile, more at night and less during the day, fits in well with the overall Kidston project, and could help leave an opportunity for other 270MW of solar to the existing 50MW solar facility.

The company says the company is also looking at battery storage in NSW, where it operates the 50MW Jemalong solar farm near Dubbo. It says it has a strong relationship with Tesla, but is also open to discussions with other technology providers.

Genex had been subject of an approved but conditional 23c a share takeover offer from shareholder and IT billionaire Scott Farquhar and the US-based Skip Capital, but the offer was withdrawn in late December. Genex shares last traded at 16c a share. Farquhar remains a shareholder.

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Genex to fast-track 1.6GW solar project as foundations complete for first big battery

Article Republished By Javier Troconis

Total

1

Shares

Renewable energy and storage developer Genex Power says foundations for its first big battery project are complete and awaiting the delivered of the Tesla Megapack batteries, as it looks to accelerate the solar component of an even bigger battery project in south west Queensland.

Genex is the owner of two operating solar farms in Queensland and NSW, but is looking to rapidly expand its portfolio in coming years with the addition of the Bouldercombe battery, the Kidston pumped hydro project, new wind and solar at Kidston, and the development of the Bulli Creek battery and solar precinct.

In a market briefing on Monday, Genex CFO Craig Francis said the concrete foundations for the 50MW/100MWh Bouldercombe battery have been finished, and the Tesla Megapack batteries are currently being shipped to Australia, and are due to arrive by the end of March.

The Bouldercombe battery will be the second utility scale battery to be opened in Queensland, after the bigger 100MW/150MWh Wandown South big battery that opened last year.

It is due to be switched on by the end of June and will result in a big lift in Genex revenues under a unique “fixed and floating” contract with Tesla that guarantees minimum returns and a share in the upside when the battery cashes in on volatile markets and price spike.

An even bigger revenue boost will occur when the landmark Kidston pumped hydro project – 250MW and eight hours of storage – begins operations by the end of 2025. That project is underpinned by a long term, inflation linked off take agreement with EnergyAustralia.

Genex says it has solved some geological hurdles at the site, located in a former open pit gold mine, by re-routing some proposed tunnelling. That will result in a cost over-run of up to $15 million, but the company insists the timeline is still on schedule.

Francis also said the company is looking to accelerate the solar component of the huge 2GW battery and solar precinct at Bull Creek. It intends to build a 400MW, two hour battery at the site, but says interest in the big solar components has been very strong.

“We thought the solar opportunity might be more medium term,” he told the conference call. “But it’s become very clear that for large scale renewables there is very, very strong demand indeed.

“So we’re looking to accelerate the solar portion of the project. And we’re now working hard on optimizing design layouts for sequenced staging of solar and battery phases of the project. And we’ve also kicked off procurement processes for those projects.

“We think there’ll be a single standalone battery 400 megawatts (with two ours storage) and up to 1.6 gigawatts of solar taking up the rest of the project.”

The big projects on the immediate development pipeline include the Kidston wind project, which has recently been expanded to 258MW (from 200MW) thanks to additional available capacity on a new transmission line being built by Powerlink,

Genex says the wind output profile, more at night and less during the day, fits in well with the overall Kidston project, and could help leave an opportunity for other 270MW of solar to the existing 50MW solar facility.

The company says the company is also looking at battery storage in NSW, where it operates the 50MW Jemalong solar farm near Dubbo. It says it has a strong relationship with Tesla, but is also open to discussions with other technology providers.

Genex had been subject of an approved but conditional 23c a share takeover offer from shareholder and IT billionaire Scott Farquhar and the US-based Skip Capital, but the offer was withdrawn in late December. Genex shares last traded at 16c a share. Farquhar remains a shareholder.

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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.

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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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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.

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  • 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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