Wave Energy Opportunities in the Irish Market

Geographic Location

Ireland is located at the centre of one of the most favourable climates for wave energy in the World. The map to the left shows the wave power potential off the Irish coast, which is significantly higher than that of neighbouring coastlines.

The practical wave energy resource is estimated at greater than 6000MW (6 times our current installed wind capacity approximately).

In addition to providing a clean indigenous and renewable source of energy for Ireland, success in building the capacity to use ocean energy resources will provide a new market for energy project developers as well as an export market for Ocean Energy devices.

Wave Energy Support Structures

The Irish Goverment has launched a €26m wave energy strategy which includes:

• €1m towards a world class, state-of-the-art National Ocean Energy facility in UCC. The Facility will now have an advanced wave basin for the development and testing of early ocean energy devices.
• €2m to support to develop a grid-connected wave energy test site.
• Grants under the Ocean Energy Prototype Fund. This will help developers to make their devices commercial.
• The introduction, of a new feed-in-tariff under the REFIT scheme for wave energy of €220 per MegaWatt Hour.
• €500,000 to establish an Ocean Energy Development Unit as part of Sustainable Energy Ireland (SEI). Operating with the support and assistance of the Marine Institute, this unit will oversee the implementation of the initiative.

Ireland is a very positive environment for wave energy companies:

• Job Creation - Up to 10,000 jobs by 2020
• Earnings Potential - Over €1 Billion per annum for Ireland by 2020
• Reduction in CO2 emissions - Up to 1 Million tonnes p.a. by 2020
• Security of Energy Supply - We have 4 times our energy requirement on the West Coast.
• Renewable and Predictable Resource - 650 times more energy in a cubic meter of moving water than a cubic meter of moving air.