Offshore Renewable Energy (ORE) Catapult has identified 10 innovations to bring down the cost of tidal stream energy in its new technology report.
The Tidal Stream Technology Roadmap claims the innovations could result in an 80% cost reduction in tidal stream energy – if successfully commercialised.
This would make tidal energy prices lower than current nuclear energy prices.
The 10 technology innovations identified by the report include subsea hubs, anchors for floating devices, controllers to optimise lifetime turbine performance, cable monitoring and tidal array optimisation.
In an ‘optimistic’ cost reduction scenario outlined in the report, the innovations were projected to support a reduction in tidal stream cost from the current £259/MWh to £50/MWh by 2035.
However, the report also highlights that further research and development in technology innovation will fail to secure an accelerated project pipeline for tidal energy without appropriate policy support to boost continued deployment, and private investment to drive commercialisation.
It identifies the need for an increased ringfence for tidal stream energy within the UK government’s Contracts for Difference (CfD) scheme and reforms to the CfD process to recognise non-price benefits generated by renewable energy projects, such as system integration and supply chain development, rather than focusing on lowest price bids.
Wave and tidal energy sector lead at ORE Catapult Simon Cheeseman said: “Our new report demonstrates how and where cost reduction can be achieved through technology innovation, creating significant growth in the UK tidal industry.
“With rising costs and the need to adapt to a varied future renewable energy mix, we have identified key drivers in how tidal energy can reduce UK energy system costs by up to £600m a year and play a full part in the net zero revolution.”