Abstract
Ocean energy accelerates towards commercialisation
A 165 MW pipeline across 15 ocean energy farms is supported by public funding and scheduled for deployment over the next five years. This pipeline results directly from recent grants and Contracts for Difference/feed-in tariff schemes, which offer market clarity and predictable returns for private investors.
Negotiations to reach financial close for tidal pre-commercial farms accelerated, while several full-scale wave devices were deployed.
The US and China continued their strong political and financial support for the sector, creating opportunities for European companies but also challenging European technology leadership.
EU and Member States must press on to industrialise ocean energy and transform years of innovation support into commercial success.
165 MW pipeline publicly funded
The pipeline of publicly funded planned deployments until 2030 reached 165 MW. Deployments at this unprecedented scale will bring about significant cost reductions and pave the way for an industrial roll-out.
106 GWh steady generation
Cumulative electricity production from ocean energy in Europe has reached 106 GWh in 2024. This proves the reliability of installed devices over longer periods and confirms that recent technological progress reduces maintenance cycles and stabilises production.
5 developers deployed devices
The build-out of tidal and wave energy in Europe continued in 2024 with five developers deploying new devices, most of them full-scale. Three tidal and two wave devices were deployed in five different countries, highlighting regional and technological diversity.
€60m private investment
Private investor interest in ocean energy is growing as technology progresses and public funding provides a ‘seal of validation’ for projects. Since 2023, publicly announced private investments in the sector have totaled €60m. This does not account for non-disclosed agreements.
$141m allocated by US
The US committed $141m in public support to ocean energy in 2024. This is the highest annual US budget for ocean energy to date and brings the total public support in the past five years to $591m, clearly outspending Europe.