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Article Developing a Business in Marine Renewable Energy
Author(s) A. Mortimer, R. Veguillas, B. Carruthers, T.Ojanguren (ICOE 2012)
Tags Technological Innovation Systems, Marine Renewable Energy
Type Papers
File iberdrola_barry_carruthers_roberto_veguillas_perez.pdf

Marine energy technologies are still at an early stage of development. There isn´t yet sufficient certainty regarding capital investment costs and future performance trends due to the lack of experience in commercial projects. Compared to other renewable technologies, marine energy is still some way from being cost competitive and therefore returns are not yet proportionate to risk. However the marine energy resource is very significant worldwide and marine energy could become a major new energy sector in the long term. There are many signals that show the sector is gaining momentum: technology under test; 2 GW of projects under development; political will
and policy support; big investors making considerable investment. There is a clear path towards cost reduction and commercialization and utilities have a specific role to play in that process.
Iberdrola has a clear roadmap to grow a leading and cost-effective marine energy business, based on two key aspects:
Technology Development:
- Working with leading Technology Developers o Andritz Hydro Hammerfest – tidal o Pelamis Wave Power – wave
- Investment through Iberdrola Venture Capital Company, PERSEO. (Hammerfest &
- Building internal expertise
- Taking advantages of synergies between Marine Energy and Offshore wind
- Taking part in global research initiatives such as Ocean Lider, Offshore Wind Accelerator, Offshore Renewable Energy Catapult Centre, Technology Innovation Centre, amongst others.
Project Development:
- Evaluating the marine resource and key constraints
- Promoting and funding demonstration projects
- Securing development sites at key locations
- Developing large-scale projects
- Helping shape marine energy policy across financial, environmental and Health & Safety forums.
To succeed in these objectives, other players need to play their part to underpin Marine Energy commercialisation, policy support needs to strengthen and Marine Energy test sites offering high quality professional services at a reasonable price are required.
This paper will explore these points in some detail and will confirm Iberdrola perspective of what is needed to take the sector all the way to commercialisation and large-scale deployment. 

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