Abstract
The annual key trends and statistics publication from Ocean Energy Europe gathers data from the sector to present the latest state-of-play in Europe and worldwide. The report covers capacity additions, power production and industrial milestones.
The ocean energy sector has made great progress towards commercialisation in 2023. The UK and French governments have played pivotal roles, contracting a combined 70 MW of tidal stream capacity. This brings publicly supported tidal additions in the 5 next years to 127 MW. This significant leap forward is largely due to the introduction of long-awaited revenue support systems. Meanwhile, wave energy projects made significant strides with full-scale prototypes and have taken key steps toward the development of pilot and pre-commercial farms.
Public investment reached unprecedented heights, fuelling private investors' appetite, especially among industrials and major energy players. This is great progress, but clearer market visibility at national levels and continuous RD&I support under EU funding programmes will be instrumental for Europe to be the first continent to bring ocean energy to market.