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|Title:||Ocean energy in Europe: assessing support instruments and cost-reduction needs|
|Authors:||MAGAGNA DAVIDE; MONFARDINI RICCARDO; UIHLEIN ANDREAS|
|Type:||Articles in periodicals and books|
|Abstract:||The SET-Plan declaration of intent for ocean energy has set ambitious targets for wave and tidal energy technologies. Tidal technologies are expected to reach a levelised cost of energy (LCOE) of 15 cEUR/kWh by 2025. In order to meet this target, technology costs need to be reduced of about 75 % from 2016 values Cost-reduction of tidal technologies is expected to go in hand with increased technology deployment and further technology validation gained by the operation of first-of-a-kind tidal farms. In this paper we assess the learning investment needed to support the cost-reduction of tidal energy to meet the 2025 SET-Plan targets. The learning investment necessary to bring tidal energy to cost-competitiveness would be of about 1.45 billion EUR, requiring about 3.15 GW of installed capacity to achieve the LCOE target of 15 cEUR/KWh. Supporting the step growth for the sector requires the design of accompany policies aimed at the industrialisation of the sector to support the creation of assembly and manufacturing facilities.|
|JRC Directorate:||Energy, Transport and Climate|
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