Page 55 - European Energy Innovation - summer 2018 publication
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Summer 2018 European Energy Innovation 55
OCEAN ENERGY
A 2MW OpenHydro turbine on its way to deployment - Image courtesy of Naval Energies
THE EU CHAMPIONS OCEAN European Commission support price with a 1GW offshore wind farm.
ENERGY has also brought the EIB into the
Recognising the significant industrial sector for the first time through its The EU should support first-mover
opportunity, the EU has emerged InnovFin EDP (Energy Demonstration Member States giving ocean energy a
as a champion of ocean energy. Projects) product. In 2016, Finnish path to market. The ETS’ Innovation
Commissioner for Maritime Affairs, wave energy outfit - AW Energy – Fund, the successor to NER300 can
Karmenu Vella, has mustered strong became the EIB’s first client under provide additional help to get projects
political support through DG MARE’s this mechanism. The loan will help past the ‘valley of death’ of finance
Blue Growth and Ocean Energy finance a pre-commercial project in for demonstration.
Forum initiatives. Portugal later this year.
A NEW INDUSTRY… BASED IN
Since 2014, the Commission has PLOTTING THE PATH TO MARKET EUROPE?
invested €150m in ocean energy To roll-out an industry on a Today, European companies are
through its Horizon 2020 programme. commercial scale, visibility on the clear global leaders in ocean
This support will keep Europe at volumes and prices is now needed. renewable technology development.
the cutting edge of technology Revenue support mechanisms have 66% of tidal energy patents and
development, and accelerate been undeniably successfully at 44% of wave energy patents globally
ocean energy’s journey along the bringing first generation renewables are held by European companies,
cost-curve. It is vital that this support such as wind and PV to market. according to the JRC.
be at least maintained through Ocean energy will follow these
‘Horizon Europe’, so that the EU technologies down the cost curve, In a pattern reminiscent of wind
remains ahead of the competition. but dedicated support is needed in energy, Europe’s technology
For example, China and the US are the short term. A 10MW ocean energy dominance is translating into export
stepping up investments. farm cannot be asked to compete on market opportunities. Every single
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