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The Grid Value of Ocean Current Energy in Florida

Conference ·
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Ocean current energy technology has been proposed as a potential contributor to Florida's energy portfolio. There has been limited investigation of how this energy would be valued when integrated into the Florida electrical grid. This study assesses three future grid scenarios to evaluate the impact of adding zero-cost ocean current energy to each. The Resource Planning Model, a tool developed by the National Renewable Energy Laboratory, is used to identify the least-cost generation mix through 2050, with and without ocean current energy. The first scenario is a base case and assumes existing policies in which the addition of ocean current energy does not retire fossil-based technologies but variable generation technologies. In the second scenario, solar and storage technologies are lower cost, and the addition of ocean current generation enables those technologies along with wind to retire existing natural gas units earlier. In the third scenario, which requires a 95% reduction in carbon emissions from 2020 levels by 2050, ocean current energy can play a role in decarbonization along with other variable generation technologies. This analysis is intended to inform stakeholders on the opportunity, potential challenges, and overall value to the grid of ocean current technology from a reliability and availability focused perspective.
Research Organization:
National Renewable Energy Laboratory (NREL), Golden, CO (United States)
Sponsoring Organization:
USDOE Office of Energy Efficiency and Renewable Energy (EERE), Renewable Power Office. Water Power Technologies Office
DOE Contract Number:
AC36-08GO28308
OSTI ID:
2477187
Report Number(s):
NREL/CP-5700-92015; MainId:93793; UUID:14060da3-4696-4b45-b26f-d91ec3e0574d; MainAdminId:74205
Country of Publication:
United States
Language:
English

References (3)

2021 Standard Scenarios Report: A U.S. Electricity Sector Outlook report November 2021
The Renewable Energy Potential (reV) Model: A Geospatial Platform for Technical Potential and Supply Curve Modeling report June 2021
2022 Standard Scenarios Report: A U.S. Electricity Sector Outlook report March 2023

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Related Subjects

HYDRO ENERGY
POWER TRANSMISSION AND DISTRIBUTION
TIDAL AND WAVE POWER
capacity expansion model
grid modeling
ocean current technology
renewable energy