Though you don't hear about it often, renewable energy can be harnessed from waves. This form of renewable energy is known as wave energy or ocean wave power. It involves capturing the energy from the movement of ocean waves and converting it into electricity.
There are different technologies used to harness wave energy, including:
- Wave Energy Converters (WECs): These devices are designed to extract energy from the motion of waves. WECs can be placed near the shoreline or offshore, depending on the design. They typically consist of floating or submerged structures that capture the wave's energy and convert it into mechanical energy, which is then converted into electricity using generators.
- Oscillating Water Columns (OWCs): OWCs use the rise and fall of water within a partially submerged chamber to generate power. As waves enter the chamber, the air trapped inside is compressed, driving a turbine and generating electricity.
- Overtopping Devices: These devices use a reservoir to collect water from incoming waves. The water is then released from the reservoir, flowing through turbines to generate electricity.
- Point Absorbers: Point absorbers are buoy-like devices that move up and down with the motion of waves. This vertical motion is converted into electricity using generators.
Wave energy has several advantages as a renewable energy source. It is abundant and predictable since waves are generated by wind patterns and follow regular patterns. It has the potential to provide a consistent and reliable source of electricity. Additionally, wave energy systems have a small visual footprint and do not produce greenhouse gas emissions during operation.
However, there are also challenges associated with wave energy. The technology is still in the early stages of development, and the costs of installation, maintenance, and grid connection can be high. There are also environmental considerations, including the impact on marine ecosystems and the need to address potential issues such as noise pollution, changes in wave patterns, and interference with shipping and fishing activities.
Despite these challenges, the Biden administration has given special attention to marine energy sources through its Ocean Climate Action Plan. This plan, launched in March of this year, says that it will, "rapidly and responsibly advance the commercialization of marine energy technologies that convert energy from waves, tides, currents, and other ocean sources.”
One project that could have a significant impact is the PacWave project. This project, located off the Oregon coast, "will be able to accommodate up to twenty wave energy converters (WECs)—devices that convert wave energy into electricity—in four separate test berths simultaneously." Oilprice.com reports that the project could be fully operational by 2025.
On the date of publication, Matthew Grossman did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
