also announced a $2.35 billion tidal lagoon project last year, which would use underwater turbines, floating solar power, and battery storage. It is expected to be in operation for the next 15 years and provide power to 2,000 U.K. The 2 mW O2 turbine is connected to a subsea cable that links it with the local electricity grid. In 2021, Orbital Marine Power installed “the world’s most powerful” tidal turbine at the European Marine Energy Centre in Orkney, an Archipelago north of Scotland. Several companies are now beginning to invest heavily in ocean energy technologies. But this is far higher than the current capacity, meaning that countries and energy firms across Europe must act quickly to help achieve this goal.
The European Commission has set a target for 100 mW of wave and tidal energy in the EU by 2025 and 1 gW by 2030. Worldwide the figure totaled 3.12 mW of tidal stream capacity and 1.38 mW of wave energy, at an estimated cost of $76.8 million. In addition, 681 kW of wave energy was installed, marking a threefold increase. With governments looking to diversify their renewable energy mix and transition away from fossil fuels, ocean energy projects offer a reliable alternative to traditional renewable energy developments.Īccording to studies by Ocean Energy Europe, 2.2 megawatts of tidal stream capacity was installed across Europe in 2021, an increase from 260 kilowatts the previous year. Following the pandemic, interest and investment in tidal and wave energy projects went above and beyond pre-pandemic levels.
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