The Energy Transition: An Ocean of Opportunity
By Sonam Velani and Tamar HonigShifting our global energy systems away from fossil fuel reliance will require more than one type of renewable energy. Within the low-carbon energy mix, we find a range of sources like hydropower, solar, wind, geothermal, and biofuels. Today we’ll dive into one of the lesser discussed sources of renewable energy: wave power, which comes from – you guessed it – the motion of the ocean.
Ocean technologies broadly are seeing a surge of enthusiasm from innovators and investors clued into the vast potential for renewable energy, carbon capture, and other climate solutions lying just beyond our shores. When we think about the energy transition, scaling more proven technologies that are already close to or at cost parity with fossil fuel sources will undoubtedly play a critical role. But we would be wise to also invest attention and resources in underdogs with exciting potential, like that which lies latent in the marine environment covering more than 70% of our planet.
New York City – ever ready to embrace new ideas – is no stranger to wave energy. In 2002, renewable energy company Verdant Power launched the Roosevelt Island Tidal Energy (RITE) pilot project, a wave project in the East Channel of the East River that includes a one megawatt pilot wave power generation system. In October 2020, the initiative took a step forward when a new tidal power array consisting of three turbines was installed. Though a small demonstration scheme, the project’s most recent installation has started to produce electricity under a pilot commercial license from the Federal Energy Regulatory Commission. The system has been connected to a local grid of Con Edison, allowing it to help power Roosevelt Island.
Tidal turbines on Roosevelt Island (Source: Verdant Power)
Verdant Power’s technology dates back to the late 1980s, when an early version was tested in Pakistan with support from a United Nations renewable energy program. The DOE advocated commercializing the technology in 1995, leading to the company’s incorporation and the testing of a third-generation prototype beginning in 2003. In response to buzz generated by Verdant’s turbine installations in the East River, the team has clarified that they are not intending to compete with mainstream wind and solar. Instead, the company will focus on markets with revenue support or existing high energy prices, citing examples like Amazonia’s 2,000+ diesel-powered villages and the 6,000+ islands of the Philippines.
Given its potential, why has wave power not yet taken our seas by storm? Even among the ocean-inclined, wave energy has remained an unpopular cousin in the quickening march to transition to a renewable energy-powered future. Before diving into why wave energy has lagged behind other renewable energy sources like solar and wind, let’s understand what it is.
The ocean contains a vast amount of energy, which can be generated from waves, tides, currents, and temperature differences. Capturing this energy could have substantial benefits for powering offshore activities and island and coastal communities. If that seems like a small set of beneficiaries, consider that about 40% of the world’s population lives within 100 kilometers of a coastline. If fully utilized, the National Renewable Energy Laboratory estimates that ocean energy resources in the U.S. could provide the equivalent of over half of the electricity that the country generated in 2019.
Ocean energy resources can be harnessed using a variety of devices, including wave energy converters, which generate power from surface waves; tidal energy converters, which generate power from the movement of tidal currents; and ocean thermal energy converters, which generate power from thermal differences between warm surface seawater and cold deep seawater. As sure as the waves will crash upon the shore and recede, wave energy will never run out. Its source – the ocean’s movement – is limited neither by season nor by human inputs. Its abundance, reliability, variety of ways to be harnessed, and lack of harmful byproducts combine to make wave power an enticing piece in the renewables puzzle.
On the flip side, a handful of technological, environmental, political, social, and economic challenges have stood in the way of more widespread adoption. To begin, only power plants and populations near the ocean will benefit directly. While our coasts are home to many, landlocked nations and cities far from the sea would not be well-suited to relying on wave power. As with other clean technologies that cause not-so-clean side effects, wave energy may pose a hazard for marine ecosystems. The machines placed in and near the water to gather energy from the waves disturb the seafloor, change the habitat of near-shore creatures, and create noise that disrupts the sea life around them. Wave power also becomes less reliable in areas with inconsistent wave behavior and during choppy weather. Last but not least, steep production costs associated with installing, operating, and maintaining wave energy technology have kept would-be investors at bay.
As the power grid goes increasingly green, demand for new sources will soar. Wave energy can and will be among the sources powering our bright and renewable future as its usage climbs and costs normalize. Supportive policies that reduce deployment costs and incentivize private sector development of ocean energy infrastructure can help transform wave energy from a sideshow to a tidal wave of investment and innovation. And once it gets rolling, there’s no stopping the flow.
By Sonam Velani and Tamar Honig