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Although an argument can be made for the development and deployment of wave energy conversion devices purely from an ethical point of view (i.e. to reduce carbon emissions and provide clean renewable energy), it must also make sense from a financial perspective to allow privately funded organisations such as Ocean Navitas to invest time and resources.
If wave energy converters can produce electricity at a competitive cost (which the Aegir Dynamo does) then market is huge, and directly proportional to the amount of energy required around the world.
The chart below shows energy usage figures from some countries around the world and their monetary value, and also European and World values. Ocean Navitas believe that if 20% of energy is produced from all renewable sources and a conservative target of 10% of the renewable energy can be created from ocean waves in the near future.
N.B. The figures are based on electricity sold to the grid at 2.6p per kWh, additional values for carbon trading schemes such as the UK's 'Renewable Obligation Certificates' have not been included as they differ from country to country.
User |
GWh Used |
Value @ 2.6p/kWh |
20% Renewable Energy Value |
10% Wave Energy Value |
UK |
408,846 |
£10,629,996,000 |
£2,125,999,2000 |
£212,599,920 |
United States |
3,656,000 |
£95,056,000,000 |
£19,011,200,000 |
£1,901,120,000 |
China |
2,170,000 |
£56,420,000,000 |
£11,284,000,000 |
£1,128,400,000 |
India |
519,000 |
£13,494,000,000 |
£2,698,800,000 |
£269,800,000 |
Australia |
221,000 |
£5,746,000,000 |
£1,149,200,000 |
£114,920,000 |
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Europe |
3,177,364 |
£72,580,664,000 |
£80,009,344,624 |
£80,009,344,624 |
World |
15,403,720 |
£400,496,723,120 |
£80,009,344,624 |
£8,009,934,462 |
Figures taken from 2005 UK government report http://www.dti.gov.uk and CIA 2003 report.
Ocean Navitas are not only developing the Aegir Dynamo Buoy, (the efficiency of which allows it to be installed in more locations than its competitors - See The Resource). But also the Shorebased Aegir Dynamo for isolated coastal communities and resorts were the costs of deploying deep water devices and underwater cabling would be prohibitive.
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