Marine & Hydrokinetic Power Holds Promise

Press Release
Monday, June 25, 2012
Image courtesy of Pike Research

Corporate Investment and government price supports are critical to expansion of the marine and hydrokinetic power sector says a recent report

In many ways marine and hydrokinetic power systems offer one of the most promising areas for renewable energy development

Marine and hydrokinetic resources – including ocean waves, tidal streams, river flows, ocean currents, and ocean thermal differences – are abundant, the technology is improving rapidly, and countries that have strong marine resources, such as the United Kingdom, United States, Australia, South Korea, Spain, and Portugal, have committed to supporting the industry. 

Marine energy, however, still faces significant technology, policy, and financing challenges.  According to a recent report from Pike Research , marine energy will require the participation of large corporations that have the experience in project development, the tax appetite, and the sophistication to pull off large-scale projects in the 100 MW to 500 megawatt (MW) range.

“But interest among these larger companies will continue only to the extent that commercially viable technologies exist, can be smoothly permitted, and are cost-effective.  Perhaps more importantly, long-term price supports must also exist, as they do in the United Kingdom.”

“Examples of big companies, from major utilities to defense contractors, moving into marine and hydrokinetic energy are not hard to find,” says research analyst Dexter Gauntlett.  “But interest among these larger companies will continue only to the extent that commercially viable technologies exist, can be smoothly permitted, and are cost-effective.”

In Europe, E.ON and ScottishPower Renewables have jumped into the marine energy sector by partnering with early innovator companies. Morgan Stanley is the majority shareholder of Atlantis Resources Corporation, while Swedish power giant Vattenfall is investing in marine and transmission projects in the North Sea. 

Defense contractor Lockheed Martin has partnered on projects with a number of wave and tidal power companies, and ABB, Bosch & Rexroth, and Kawasaki Heavy Industries are all testing the waters as well.  Only a small handful of companies, though, can claim they have products on the verge of commercialization.

Pike Research’s report is available here.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

BG Group Starts up Sixth FPSO in the Santos Basin

BG Group announced first oil from the Cidade de Itaguaí floating, production, storage and offloading (FPSO) vessel, the sixth unit to start production across the

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

Energy

Egypt Gets FSRU from BW Gas

Norway-based BW Gas will provide Egypt with a liquefied natural gas (LNG) floating import terminal under a five-year contract.   This comes as as the North African

CWind Joins National Workboat Association

Citing crew transfer services as an integral part of its offering, offshore wind industry service provider CWind announced it is now a member of the National Workboat Association (NWA) of the U.

First Vessel of New Rescue Class Launched

Global shipping and energy services firm, Craig Group, has launched its first F-Class vessel, the Grampian Fortress. The IMT 958 multi-role emergency response and

 
 
Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1820 sec (5 req/sec)