Wave, Tidal Stream and Ocean Thermal Energy Conversion (OTEC) technologies have been the subject of much research both nationally and internationally. While much development has taken place, the technologies have not yet realised commercial array scale deployment.
Energy system modelling to incorporate future technological advances is based around a series of assumptions which attempt to present potential pathways for new energy technologies to emerge and become established as a part of the wider energy mix. In order to enhance existing energy system modelling, a thorough investigation of the Levelised Cost of Energy (LCOE) for wave, tidal and OTEC technologies has been undertaken.
This assessment draws upon industry’s state of the art knowledge around the costs to deploy and operate each technology in its current state, and the cost reductions that are foreseen on the route to product commercialisation.