Ocean Energy - Analysis of the Potential Economic Benefits of Developing Ocean Energy in Ireland

Abstract

This report examines the potential for harnessing Ireland's ocean energy resources (wave and marine tidal currents) to produce electricity and the associated opportunity to develop an ocean energy industry in Ireland. Existing work, both in Ireland and internationally, suggests that there are opportunities to develop a competitive industrial sector around ocean energy in Ireland. Internationally, the technology is at an advanced experimental stage and there are prospects of commercial production being possible in the near future. However, the key question is whether the potential is sufficient to warrant Ireland engaging in a long-term programme of development. A consultation process undertaken by Sustainable Energy Ireland (SEI)and the Marine Institute indicated the potential. It also indicated that there are considerable risks. The aims of this study are to identify the potential economic contribution of ocean energy for Ireland and to devise a rational, viable, and economically feasible strategy to promote the development of the sector. This analysis leads to the conclusion that Ireland has an important opportunity to develop an industry, based on ocean energy.