Economically sustainable development of wave and tidal stream energy technologies

The wave and tidal energy sectors have received much interest in recent years, from policymakers attentive to the prospect that ocean energy technologies could be capable of contributing towards meeting environmental targets; from utility companies that expressed interest in developing, constructing and operating array projects to export large quantities of clean energy from ocean based resources; and from Small to Medium Enterprises (SMEs) and large multi-national Original Equipment Manufacturers (OEMs) that were interested in undertaking technological development to commercialise wave and tidal energy converters that could successfully harness the energy contained within the ocean waves and tides. Within the existing research, development and innovation environment that has largely dominated the development of wave and tidal energy to date – rapid development of large MWscale devices capable of utility scale power generation – technology developers have failed to reach the level of deployed capacity that was initially anticipated, despite the significant level of investment that has taken place. Indeed, the expected contribution of ocean energy in the wider energy mix, which has been written into policy documentation at both national and European level, has so far failed to materialise in the form of prolific multiple device array deployments. The research, development and innovation environment has not delivered on its intended objective of demonstrating commercial technology readiness, and the historic development trajectories for ocean energy technologies may not represent the most cost-effective route to product commercialisation. This research explores the wave and tidal energy research, development, and innovation environment through extensive stakeholder engagement within the ocean energy sector, and through application of suitable techniques from innovation theory. The purpose of this research was three-fold. Firstly, an objective analysis of the development of the wave and tidal energy sectors – building a comprehensive understanding of their development to date through extensive stakeholder engagement, and comparing wave and tidal energy technology development with that of historic energy technologies that have successfully entered into commercial operation – was necessary in order to identify whether the attempt by ocean energy technologies for rapid up-scaling of technology is consistent with the develop-