To achieve 100% CFE, a diverse and balanced mix of renewable energy sources are essential. Following the trend of multinationals to a growing degree aim to hourly match clean electricity supply to demand, underpinning growing clean energy ambitions, studies have shown that wave energy reduces the cost to match demand with firm, stable renewable power when added to the mix with solar, wind and battery storage. Avoided cost can be as high as 20%, depending on the required level of matching and the geography. Over time, the impact on the cost of supplying 24/7 green power is expected to increase as wave cost reductions materialise with deployed capacity.
With its unique advantages and complementary production profile, wave energy can play a vital role in this transition. Wave energy can significantly contribute to a sustainable, low-carbon energy system by addressing the technical challenges and reducing costs. Collaboration between industry, academia, government, and continued innovation and investment will be crucial in unlocking wave energy’s full potential and realising a 100% CFE future.