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Tidal energy costs could plummet if current opportunities materialize

Tidal energy could fall below £80 per MWh by 2035 if current opportunities materialize, according to a recent report by the UK-based Offshore Renewable Energy (ORE) Catapult.

Produced by the Offshore Renewable Energy (ORE) Catapult as part of the TIGER project funded by Interreg FCE, the report ‘Cost Reduction Pathways for Tidal Energy in the UK and France’ documents the global state of the tidal market and A cost-cutting trajectory to bring energy down from £260/MWh today to £78/MWh by 2035.

The report found that drivers of tidal current energy (TSE) cost reductions include increasing the size and output of tidal devices and developing larger TSE farms.

Replacing fixed bottoms and floats with pile foundations and anchors respectively also reduces costs.

In the long term, the report estimates that LCOE could reach £60/MWh by 2042 and £50/MWh by 2047.

Recent studies from the Universities of Edinburgh and Manchester also highlighted economic benefits.

The TSE project will generate over 80% of its materials from local supply chains and create up to 45 jobs per MW deployed.Beyond the wind and solar industryand could contribute up to £17bn to the UK economy by 2050,” said ORE Catapult.

According to reports, the UK could capture 25% of the international market value of TSEs through exports.

The report agrees with the Ocean Energy Council’s call for the UK government to commit to 1GW of ocean energy deployment by 2035, suggesting that 877MW of TSE could be deployed in the UK by 2035. suggests that there is

The report also highlights the potential for TSE to dramatically improve domestic energy security and reduce future energy system costs.

ORE Catapult said, “With the increasing focus on domestic energy security, TSE has the opportunity to build its capacity as a reliable, predictable and complementary renewable energy source. I made it.

caroline lowry, Technical Manager of the European Marine Energy Center (EMEC) said: In 2021, £20m per annum has been confined to the sector through the UK government’s contract for difference scheme. Important industry support.

However, in order for tidal energy to be competitive with other renewables at a cost that will require a significant increase in installed capacity over the next decade. Achieving this will require long-term policy support and continued limited funding. ”

The report encourages policymakers in the UK and France to support the TSE’s cost-cutting trajectory by committing to the industry’s rollout goals, and to help the TSE secure safer options such as ring-fencing funding in the UK government’s differential contract round. I asked to secure a route to the market. Consent process to strengthen the project pipeline.

These three actions will boost private sector confidence, open up new TSE funding streams and accelerate the cost reduction process, ORE Catapult added.

https://www.oedigital.com/news/500240-ore-catapult-tidal-stream-energy-costs-could-plummet-if-current-opportunity-is-realized Tidal energy costs could plummet if current opportunities materialize

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