Marine Energy Wales has welcomed Minesto’s updated cost of energy analysis deeming it as a positive step forward for tidal energy industry as it showed significant improvements compared to previous estimates.
The projections in Minesto’s new Levelized Cost of Energy (LCOE) analysis showed the company’s LCOE will already fall to €100/MWh after 100MW cumulative installed capacity in tidal streams, making the technology more cost effective than established energy such as new nuclear power.
Also, installing arrays of Minesto devices in continuous ocean currents has been found to reduce costs to below €50/MWh following the installation of 100MW cumulative capacity, according to Minesto’s analysis.
Welcoming the study results, David Jones, Project Director of Marine Energy Wales, said: “Reducing the cost of energy is an important step forward for our sector. There is no doubt that marine will be able to follow the model that offshore wind and in fact all other renewable technologies have achieved, deployment at scale will drive down costs.”
Jess Hooper, Project Manager of Marine Energy Wales, added: “Wales has an opportunity to play a leading role in this global market and the momentum is continuing to grow across the country. This news from Minesto is great not only for the company and their unique technology, but also for the Welsh industry as a whole, and we look forward to the next phase of their development.”
Minesto plans to deploy its 500kW Deep Green tidal power plant in Holyhead Deep, off North Wales in 2018.