Ocean energyProject UniWave200 King Island Project - Wave Swell
This third lessons learnt report share lessons learnt from the UniWave200 King Island Project.
Objective: To improve the collaboration with industry and show the future commercial feasibility of the technology.
Like all forms of technology, cost competitiveness comes with scale and the knowledge achieved through this process. This fact is emphasised in an independent assessment of the future potential of the WSE technology by Australia’s national science agency, the Commonwealth Scientific and Industrial Research Organisation (CSIRO). The CSIRO analysis concludes the WSE technology will:
- be immediately cost competitive with diesel generation
- reach cost parity with offshore wind at a global installed capacity of between 25MW and 45MW.
- attain an LCOE (levelised cost of energy) of AUD$0.05 per kWh after 2,500 MW of global installed capacity, thereby reaching cost parity with the current lowest cost forms of generation, onshore wind and solar PV
- reach this cost parity with just 0.35% of the installed capacity of what was required by onshore wind and solar PV.