Wave power poised to complement solar PV in future global energy mix

Wave power may emerge as a valuable renewable energy source given recent economic and technical projections indicating a substantial potential of wave energy, particularly in coastal and island regions. Wave and solar resources are complementary around the world and thus may lead to energy systems combining solar PV with wave power. Islands may benefit most from wave power added to solar PV.

As the world grapples with the urgent need to transition to sustainable energy sources, wave power is emerging as a promising alternative to traditional renewable energy technologies. A recent study by researchers at LUT University and Delft University of Technology published in the journal Applied Energy dives into the techno-economic potential of wave power, offering valuable insights into its role in a diversified, sustainable energy future complementing solar PV.

Wave power has long been recognized as a vast and untapped energy resource. However, its potential has often been overshadowed by the more established solar PV and wind power industries. The study aims to bridge this gap by providing a comprehensive assessment of the global and regional wave energy resource potentials, considering both technical and economic factors.

The study utilized hourly wave data and a power matrix of CorPower’s wave energy converter (WEC) to estimate the global wave electricity yield. Wave power could become cost-competitive with offshore wind power in the 2030s, with a levelized cost of electricity (LCOE) below 70 €/MWh by 2035 in areas with good wave energy resources.

One of the standout findings of the study is the high-capacity factors of over 70% observed in regions such as the North Atlantic, southern Chile, South Africa, southern Madagascar, southern Australia, and New Zealand. These regions could benefit significantly from wave power, which offers a more stable and predictable energy source compared to solar PV and wind power.

The economic potential of wave power is a crucial aspect of the study. The researchers considered projected costs and used the LCOE to gauge the economic viability of wave power. While wave power is currently costly, due to its very early level of commercialization, the results suggest that wave power becomes a cost-effective option in the mid-term future, particularly in land-constrained regions and islands where other renewable energy sources are limited.

The study also highlights the complementarity between wave power and solar PV. Wave power can provide a steady supply of electricity during periods of low solar irradiation, such as on winter days or during monsoon periods. This complementarity can enhance the overall stability and reliability of renewable energy systems, reducing the need for energy storage and balancing power sources.

The complementarity of wave and solar resources was investigated in energy system studies that found that in particular islands can benefit from adding wave power in case of limited land and seasonal patterns as with monsoon on Maldives. Another driver for wave power can be energy system diversity as identified for Hawaii. One of the best wave energy resources is found around New Zealand, in particular around the South Island, which leads to an attractive opportunity of complementing renewable energy-rich New Zealand with wave power, besides solar PV, wind power, hydropower and geothermal energy. Projections indicate that in the 2040s wave power may become competitive with offshore wind power so that both can evolve as a relevant source of energy supply, as detected for the case of the United Kingdom and Ireland if onshore land area remains limited for renewable energy use.

The findings of this study pave the way for informed decision-making on the role of wave power in a diversified, sustainable energy future. As the technology matures and costs continue to decline, wave power could emerge as a significant player in the global renewable energy landscape.

Authors: Rasul Satymov, Dominik Keiner, and Christian Breyer

This article is part of a monthly column by LUT University.

Research at LUT University encompasses various analyses related to power, heat, transport, desalination, and negative CO₂ emission options. Power-to-X research is a core topic at the university, integrated into the focus areas of Planetary Resources, Business and Society, Digital Revolution, and Energy Transition. Solar energy plays a key role in all research aspects.