FeasibilityA Feasible, Sustainable And Economical Technology For Renewable Energy Production
It is a well known fact that in the coming years, the population will consume more energy and current energy services do not have the capacity to fulfill the need. It is also key that more energy has to be generated using renewable methods. With regards to the end customer, Aqua Power Technologies has the potential technology to provide renewable energy to the grid and help to contribute to the populations growing energy needs.
In addition, policy’s have been compiled that state the need to reduce carbon dioxide output. For example, the Governments international and domestic energy strategy state that the UK must cut carbon dioxide emissions by 60% by 2050 and by 2020 to have seen real progress. With this in mind, Aqua Power Technologies clean energy production method is a solution to conforming with policies whilst generating power from renewable sources.
Infrastructure to upgrade the electricity network is already underway and there are proposed plans for further upgrading and reinforcement of the network to support the more densely populated areas of the country. All of the upgrade work is in anticipation of the increased power delivery from renewable energy stemming from the North West of Scotland in an attempt to reach the CO2 targets for 2020. Ultimately though, the network between the potential energy and the major requirements will be met by subsea high voltage direct current power cables. There is already work progressing on the HVDC link between Hunterston and Connah’s Quay in North Wales. What all this ultimately means is that the network has already been invested in and this clearly shows the intention to incorporate renewable energy generating devices into the UK’s energy production makeup.
Given that Britain is home to some of the most powerful wave energy in the world and is home to the best research and development facilities in the world, It provides a convincing case for energy to be harvested locally to boost the immanent power shortage and reduce our CO2 output.
Recent Industry Activity
‘Private actors are also investing in marine energy technologies. Investments have become more sustained in recent years with the positioning of multinational companies in this sector. Since 2011, an increasing number of acquisitions have taken place. This is the case in France, with Alstom’s acquisition of shares in AWS Ocean Energy Ltd. in May 2011 and of Rolls- Royce Tidal Generation Limited in January 2013, as well as the finalisation of DCNS’s acquisition of Open Hydro Group Ltd., to be finalised in 2013. Siemens also reinforced its participation in Marine Current Turbines Ltd. by acquiring a 55% additional stake in this Bristol-based tidal stream technology developer in February 2012. Investments in the ocean energy sector also involve fund-raising. For instance, in December 2012, Scotrenewables Tidal Power Ltd., an Orkney Island-based renewable energy research company for the wind, wave and tidal energy sectors, raised £7.6m (US$12.3m) in a private equity funding round. ABB, the global power and automation technology group, also led a US$12m investment in this company in March 2013 through its venture capital unit, ABB Technology Ventures (ATV).’ (Global Trends in the Emerging Ocean Energy Market, 2013)
‘The potential benefits of wave and tidal energy development to the UK are well understood – the marine energy industry has been forecast to be worth £6.1 billion to the UK economy by 2035, creating nearly 20,000 jobs. With a burgeoning export market, the rewards could be greater still. The potential for predictable and consistent marine energy to moderate requirements for balancing plant can have a substantial impact on the cost of increasing the uptake of other variable renewable generation.’ (Wave and Tidal Energy in the UK – Conquering Challenges, Generating Growth, February 2013)