A science we have blogged on before, an update.
OCEAN POWER
Europe's Next Green Thing
By Mark Scott
Ireland's OpenHydro and Germany's RWE are spending millions to try to turn the power of waves into electricity.
With oil prices hitting almost daily record highs and global warming climbing up the public agenda, the need for alternative energy sources has never been more urgent.
But while wind and solar have dominated the recent rush to invest in renewables, market watchers reckon it could now be marine energy's turn to shine.
Ocean power -- using the energy from waves or tidal flows to produce electricity -- is quickly coming of age as a viable green resource that could help meet ambitious global targets to reduce greenhouse gases and dependency on fossil fuels.
European and North American power companies such as Canada's Emera and Germany's RWE are spending millions to fund wind and tidal projects. This investment has led to a new generation of more efficient technologies, with dozens of prototypes expected to be ready for commercial deployment within the next five years. "There's huge interest in both wave and tidal technology," says Thomas Boeckmann, clean tech analyst at market research firm StrategyEye in London. "It's gaining a lot of attention from energy companies, which will be able to offer financial backing and technical expertise to these startups."
Venture Capitalists Are Interested
It's no surprise utilities are keen to harness marine power. According to Britain's Carbon Trust, a government-funded research and advisory group, the world's oceans have the capacity to produce as much as 4,000 terawatt hours per year of electricity -- enough to power Britain 10 times over.
Of course, getting to that point is a long way off. Analysts expect Europe to have between 2,000 and 5,000 megawatts of installed capacity from wave and tidal farms by 2020. That's equivalent to between four and 10 coal-fired power plants.
The growth potential is already driving investment. Dublin-based OpenHydro, for instance, has raised more than $80 million (€51.4 million) from energy firms and venture capitalists since 2005 to develop a new type of turbine that lies on the seabed and rotates to produce electricity as the tide rises and falls. Among its investors is Canada's Emera, which holds 7 percent of the company.
Partnerships With Utilities Could Help
OpenHydro already has a 250-kilowatt prototype in the water off the coast of Scotland and plans to install a 1-megawatt plant in Canada by 2009. Chief Executive Officer James Ives says the biggest hurdle for marine power is persuading investors that it can consistently produce electricity. "You have to show that the technology is reliable even in the worst conditions," Ives says.
