A European Commission report on wave and tidal energy has forecast global installed capacity to hit up to 3.9GW by 2030 based on current levels of political support.
The ‘Market Study on Ocean Energy’ co-authored by WavEC Offshore Renewables and Italian consultancy COGEA predicts that figure to drop to 2.8GW and 1.3GW respectively in so-called medium and pessimistic scenarios.
In the optimistic scenario, the expected tidal stream capacity in 2030 is 2.4GW, tidal range 1GW and wave 500MW.
Under the medium scenario, tidal stream capacity forecast is 1.6GW, tidal range 840MW and wave 370MW.
The pessimistic scenario predicts tidal stream capacity to reach 700MW tidal range and 70MW for wave with no new tidal range installations.
The study expects up to 87% of the cumulative capacity forecast by 2030 will be installed in Europe.
Over €6bn has been invested worldwide into projects so far, 75% of which from private finance, the report stated.
The study expects investment ranging between €2.8-9.4bn to 2030, excluding tidal range.
The study said the implementation of revenue support across member states is of “paramount importance” to accompany national and EU funding.
Image: SXC
EU predicts 3.9GW ocean splash
By EBS