High deployments, low costs: The 2030 vision for ocean energy

Ocean Energy Europe released its latest report yesterday – ‘2030 Ocean Energy Vision’ – charting the path for ocean energy’s roll-out over the coming decade.

This industry analysis considers the evolution of European wave and tidal technology to 2030. It projects deployments in high and low growth scenarios. The analysis also examines how energy costs will reduce and supply chains grow, as more ocean energy is deployed.

CorPower, who has been contributing to the analysis, has identified 877MW of potential market opportunities for its technology by 2030.

More than 90% of the world’s ocean energy could be installed in Europe over the next decade, reflecting the strong global position that Europe holds in ocean energy.

The OEE report calls for a supportive policy framework in order to deliver its ‘2030 Ocean Energy Vision’ including:

  • A European Strategy for Offshore Renewable Energy with ambitious deployment targets for ocean energy – including 3GW by 2030.
  • An ‘Ocean Energy Alliance’ of European and national authorities who provide accessible revenue support and supportive permitting frameworks for demonstration projects.
  • Continued European level support for research & innovation actions – to further progress the technology.
  • An Insurance and Guarantee Fund to reduce financing costs and attract commercial insurers into market.
  • An Export Strategy to ensure European leadership of a €53bn annual market.

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