IRENA has estimated the wave energy potential at around 29,500 TWh per year, meaning ocean power alone could theoretically meet the energy needs of the entire globe. Yet, tidal and wave power have remained woefully underrepresented in our energy mix. For instance, Europe has some of the most developed ocean power facilities for electricity generation. Yet, ocean energy accounted for a mere 0.06% of all electricity generated by the formerly 28-member bloc from renewable sources in 2019. However, this could be the tipping point when tidal and wave power finally go mainstream and even begins to rival conventional renewables such as solar and wind.
Oil Price 11th Feb 2021 read more »