Faced with a rapidly-approaching 2020 milestone to reduce CO2 emissions, the European energy industry is attempting to fulfil its obligations without jeopardising its longer-term prospects. The need to develop new nuclear, combined with the full suite of renewable energy sources being pursued, creates a challenging prospect to meet the EU-targeted 20%+ reduction in CO2 emissions.
The disadvantages of the intermittency associated with wind, and the lack of any further traditional large scale hydro power projects, mean that eyes will become increasingly focused on the opportunities that new technologies such as tidal and wave power offer.
With the UK having access to over 50% of Europe’s wave and tidal energy resources, it should come as no surprise that it has been estimated that wave and tidal stream energy have the potential to meet up to 20% of the UK’s current electricity demand, representing 30-50 GW installed capacity. At present, however, generation from wave and tidal stands at less than 1%.
It is schemes like the Severn Barrier that provide the biggest opportunities, with the huge tidal range of the Severn estuary (at 14 meters, one of the largest in the world) giving the potential to generate 5% of the UK’s electricity needs on its own. With other possible schemes such as the estuaries of the North West representing a similar size, wave and tidal energy may represent the biggest long term payback of the renewable options available. However, as highlighted by ecologists, environmental concerns remain around the long-term impact of tidal energy.
Following a two year feasibility study, the government decided not to proceed with the Severn estuary project, choosing instead to continue its investment primarily in wind energy due to its proven technology and potential to help contribute to 2020 targets. However, evidence suggests the private sector will continue to investigate the potential.
Overall, with the predictability of tidal and wave energy, the natural environment and the intellectual resources available within the UK for marine energy it could prove to be one of the fastest growing sectors in the coming decades. This will especially be the case if the industry is to reach its 2020 goal, while still remaining on track for the longer-term reductions planned for the decades to follow.
Posted by Chris Collins on the 20th of September 2011
This article is part of a series of Baringa view points on renewable energy. Read our thoughts on:
Wind Farms: http://www.baringa.com/baringa_blog/item/the_rise_of_private_equity_in_wind_farm_ownership/
Green Gas: http://www.baringa.com/baringa_blog/item/green_gas_is_growing/
Solar Panels: http://www.baringa.com/baringa_blog/item/shifting_demand_patterns_shake_up_photovoltaic_suppliers/
