EU report on Ocean Energy

The study estimates the financial needs of the ocean energy sector in the EU

It's now available online the EU Final Report "The Market Study on Ocean Energy", written in May 2018 and published this June by the European Commission, Directorate-General for Maritime Affairs and Fisheries.

The study estimates the financial needs of the ocean energy sector in the EU, analyses potential financing gaps and identifies possible financing solutions giving recommendations of the ocean energy roadmap.

The document looks closely at one among the most crucial issues related to BE: the cost of renewable energy remains still very high when compared to other kind of renewable energies.

Quoting directly the study, "[…] there are several funding instruments at national and EU level for prototypes and demonstration projects. What is lacking is a critical mass of finance to further develop the sector and scale it up to a fully commercial dimension.

Blue renewable energies - with the exception of offshore wind - may be considered still on on a pioneering phase, therefore implying demanding costs for research, design, implementation and management of these innovative systems.”

Stressing the interesting evolution of offshore wind technology, the report notes: "Besides legislative and financial support, forward looking and determination are key. Offshore wind – now considered as a mature sector, albeit still subsidised – took 13 years to reach one GW of capacity installed in Europe; then less than three years to double that, and by 2012 – only 5 years after the first GW – there already were 5 GW installed in Europe. It cannot be taken for granted that ocean energy will follow the same path, but a clear vision and stable support will pay off in the long run."

To see the report in detail: link