How can you compare marine renewable energy sources?

1 Resource Availability

The first step to compare marine renewable energy sources is to estimate the resource availability in a given location. This means how much energy can be extracted from the ocean, depending on the physical characteristics, such as wave height, tidal range, current speed, and water temperature. Resource availability can vary significantly across regions and seasons, and it can be influenced by factors such as climate change, weather patterns, and ocean dynamics. You can use various methods and tools, such as numerical models, satellite data, and in-situ measurements, to map and quantify the resource availability.

3 Economic Viability

The third step to compare marine renewable energy sources is to analyze the economic viability of the different projects and scenarios that can implement the ocean energy technology. This means how profitable and competitive the project is, based on its costs, revenues, and risks. Economic viability can be influenced by many factors, such as capital and operational costs, electricity prices and subsidies, financing and incentives, and market and policy conditions. You can use various methods and tools, such as cost-benefit analysis, levelized cost of energy (LCOE), and risk analysis, to estimate the economic viability.

4 Environmental Impact

The fourth step to compare marine renewable energy sources is to examine the environmental impact of the different activities and outcomes that can result from the ocean energy technology. This means how beneficial or harmful the project is, based on its effects on the marine ecosystem, the climate system, and the human society. Environmental impact can be positive (such as reducing carbon emissions, enhancing biodiversity, and creating social benefits) or negative (such as disturbing habitats, altering hydrodynamics, and generating noise and visual impacts). You can use various methods and tools, such as life cycle assessment (LCA), environmental impact assessment (EIA), and stakeholder engagement, to evaluate the environmental impact.

5 Regulatory Framework

The fifth step to compare marine renewable energy sources is to review the regulatory framework of the different jurisdictions and sectors that can affect or be affected by the ocean energy technology. This means how supportive or restrictive the project is, based on the legal and institutional rules and norms that govern the ocean energy development and operation. Regulatory framework can include various aspects, such as permitting and licensing, spatial planning and zoning, environmental and safety standards, and international and regional agreements. You can use various sources of information, such as legislation, regulations, and guidelines, to understand the regulatory framework.

6 Comparison Criteria

The final step to compare marine renewable energy sources is to select and apply the comparison criteria that can help you make informed and balanced decisions. This means how you weigh and rank the different marine renewable energy sources, based on your objectives, preferences, and constraints. Comparison criteria can vary depending on the purpose and scope of your comparison, and they can be qualitative or quantitative, objective or subjective, and absolute or relative. You can use various methods and tools, such as multi-criteria analysis, decision matrices, and sensitivity analysis, to apply the comparison criteria.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?