A new collaborative project, Cost of Energy Assessment for Wave, Tidal, and OTEC at an International Level, funded by the OES, has been initiated by a consortium led by the University of Edinburgh (UK) with two partners – WavEC Offshore Renewables (PORTUGAL) and Julia F. Chozas (DENMARK) – and three advisors: RAMBOLL Group A/S (DENMARK), FOT-K Consortium (NIGERIA), Re Vision Consulting (USA).
The goal of this project is, within an 8 month project timeframe, to engage a large number of international stakeholders to deliver an internationally reliable and credible Levelised Cost of Energy (LCOE) assessment for wave, tidal, and OTEC technologies, together with identification of the routes to maximise cost reduction through international collaboration.
Immediate benefits that will result from this project include the strengthening of international networks and the increasing of international collaboration – both of which are urgently required.
This project sets out to deliver the assessment of a credible LCOE based on international projects, and the likely future LCOE reduction trajectories of ocean energy projects at a global scale.
Longer term international benefits include enhanced deployment of ocean energy through collaboration of supply chain and development activity across a wider range of stakeholders at an international level. International cooperation and collaboration is recognised as a strategic enabler of accelerated deployment of ocean technology, building upon an understanding of the far reaching implications of ocean energy development, and the diverse range of locations in which ocean energy activity could make a valuable contribution to the energy mix.
This project will further the existing state of the art by filling gaps in current knowledge and understanding; and delivering specific international consensus on LCOE – based on the wide consensus from key experts in industry, government and leading research centres across a wide representation of nations.
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Press release