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3.9 Ocean energy The energy that can be extracted from the ocean is divided into OTEC (Ocean Thermal Energy Conversion), wave, tidal and osmotic. The World Energy Assessment presents a total theoretical annual potential of 7400 EJ/y (UNDP/WEC, 2000) of which by far the largest share is from OTEC. Below each of the technologies is described separately. The regional distribution is taken from the area of ocean for each of the regions. 3.9.1 OTEC Ocean thermal energy conversion (OTEC) produces electricity from the natural thermal gradient of the ocean, using the heat stored in warm surface water to create steam to drive a turbine, while pumping cold, deep water to the surface to recondense the steam. In total, it is estimated that about 10 TW of power could be provided by OTEC without affecting the thermal structure of the ocean (Pelc and Fujita, 2002). Converting this to annual values this is about 300 EJ/y. The current cost of electricity generation from OTEC varies between 8 and 24 ¢/kWh (Pelc and Fujita, 2002). Since OTEC is still in the development phase, we assume that only 50 kWh can be achieved at costs below 10 ¢/kWh and 5% of the technical potential at costs below 20 ¢/kWh in 2050. 3.9.2 Wave energy Worldwide, wave energy could potentially provide up to 2 TW of electricity (Pelc and Fujita, 2002). This can be converted into about 20 EJ/y of final energy. One of the richest nations in terms of potential for wave energy is the UK, where wave energy devices are estimated to be able to contribute more than 50 TWh/yr (Pelc and Fujita, 2002). The economics of wave energy power, though not yet competitive with fossil fuels, are promis- ing, and the situation is improving with more advanced technology. Costs have dropped rapidly in the last several years, and now companies are aiming for less than 10 ¢/kWh, to as low as 5 ¢/kWh, for the latest designs (Pelc and Fujita, 2002). EU-OEA (2007) mentions that the cost of wave energy depends on the local wave climate. They expect cost per kWh to be in the order of 10 to 23 ¢t/kWh in 20202. Based on the above considerations, we assume that 25% of the technical potential can be achieved at costs below 10 ¢/kWh in 2050 and 75% of potential is can be achieved at costs below 20 ¢/kWh in 2050 2 Converted from 10 – 25 €c/kWh 31PDF Image | REN21 Renewable Energy Policy Network
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