Abstract
Ramsey Sound is a promising location for tidal stream energy (TSE) located off the coast of South West Wales between Ramsey Island and the mainland. Within the Sound there is a project lease, owned by project developer Cambrian Offshore South West Ltd (COSW). Their aim is to recover a device previously tested at the site and abandoned on the seabed and retrofit it or deploy a brand new turbine. This work is being supported by the Tidal Stream Industry Energiser (TIGER) Project, a €45.3M Interreg funded project assisting developments at six sites in the Channel region between the UK and France.
The aim of this report is to assess the potential of the Ramsey Sound site for a commercial TSE array. The report is targeted at prospective project developers, investors, investors, policymakers and suppliers who would benefit from an updated holistic and third-party evaluation. Our study consists of the following aspects:
A Literature review: including descriptions of the history of the site, the main stakeholders, regional support and schemes and the flow conditions.
A GIS analysis: to assess the size of the commercial farm that could be built, identify potential impacts on other sea users and show the potential barriers and geographical aspects that must be considered.
A techno-economic analysis: to estimate the levelized cost of energy (LCOE) that a representative farm at the site could achieve and the CfD strike price that would be required to encourage project development and private investment. We considered optimistic and pessimistic industry cases and applied learning rates to gain insight into the trajectory of LCOE and appropriate CfD strike price over time.