Grid Value Proposition of Marine Energy
Marine energy technologies convert the energy of ocean waves, and tidal, river, and ocean currents into electricity and other forms of usable energy. The marine energy resource potential in the United States is significant and geographically diverse, with a study commissioned by the U.S. Department of Energy estimating that the nation’s annual marine energy potential is approximately 2,300 TWh/year across the 50 states, or greater than 57 percent of U.S. electricity generation in 2019. However, the marine energy industry still faces hurdles to commercialization. While high costs relative to wind and solar remain a key challenge, other hurdles relate to marine energy’s value streams not being well characterized and not captured by traditional energy comparison metrics like the levelized cost of energy. To address this challenge, this project undertakes several types of analyses to identify and illustrate value propositions for marine energy resources. It provides a fresh framework for considering electric system benefits based on unique marine energy attributes, and provides analyses illustrating and quantifying those benefits. The authors find many opportunities for the deployment of marine energy technologies both in the near term and within typical utility planning timeframes (i.e. up to 20 years). From a resource and technology perspective, marine energy resources can deliver distinct and valuable benefits to different configurations of the grid, whether the bulk system, isolated distribution systems, or remote communities, islands, and microgrids. Marine energy resources can be valuable in increasing technology diversity in a generation portfolio, providing energy where it is otherwise difficult to come by, supporting local resiliency, complementing and being complemented by other resources including solar, wind, and energy storage, and avoiding land constraints.