Wave energy is a renewable energy resource created by large storms hundreds of kilometers offshore that generate and transmit huge amounts of energy that travels great distances (via swell) and mixes with local influences (seas) to arrive at our shores. It is a genuinely renewable energy source and distinct from tidal energy.
The World Energy Council has estimated that approximately 2 terawatts (2 million megawatts), about double current world electricity production, could be produced from the oceans via wave power. It is estimated that 1 million gigawatt hours of wave energy hits Australian shores annually and that 25% of the UK’s current power usage could be supplied by harvesting its wave resource.
Wave energy has significant global potential with the USA, South America, Western Europe, South Africa, Australia and New Zealand among some of the best wave energy sites around the world.
Yearly Average Wave Energy flux in kW per Metre of Wavefront.
Currently, wave power projects are being pursued in Scotland , Portugal, Australia and Hawaii with significant interest being shown by Spain, Norway, USA and New Zealand. The growing world-wide demand for renewable energy projects is being driven by rapidly increasing global energy consumption, the demand for clean energy alternatives and the availability of carbon credits. Renewable energy has entered a new phase with additional funding becoming available from governments, from socially responsible equity funds, and from public capital raisings.