Economic Value of Ocean Energy
EVOLVE is a 24 month project examining the overall market value of the inclusion of ocean energy in European energy systems. The project aims to produce quantifiable outputs to illustrate the benefits associated with integrating ocean energy in low carbon energy systems across the regions of north west Europe. Continued engagement throughout the project will ensure that the results produced are relevant and useful to a wide range of stakeholders including technology and project developers, regulators, policy makers, electricity system operators and project investors. EVOLVE is funded by Scottish Enterprise, Fundação para a Ciência e a Tecnologia and the Swedish Energy Agency with co-funding from the OCEANERA-NET COFUND (via the European Commission under Horizon 2020).
The Policy and Innovation Group’s role in EVOLVE is work package leader of the detailed economic energy modelling. Our team’s experience in energy systems modelling will be utilised to create a dispatch model representing future energy scenarios in Great Britain. The impact of ocean energy deployments will be quantified in terms of marginal electricity prices, curtailed volumes, balancing costs and system security indices. As work package leader, the policy and innovation group will also support modelling of further European regions by RISE, WavEC and Aquatera.
For more information, see here (Aquatera press release).
This project has received funding from the OCEANERA-NET COFUND.