Ocean power is hardly making a ripple in the energy sector today but could quickly become a half a billion dollar annual industry, according to a new report from Greentech Media and the Prometheus Institute for Sustainable Development. Forecasting the Future of Ocean Power says investments of more than $2 billion in production and installation of commercial-grade projects — as well as a similar amount for research and development are needed to realize the potential of ocean power.

Ocean power is a term used to describe several different power generation techniques including tidal turbines and other methods dependent on waves, tides and current. Many of the techniques for harvesting ocean power are based on principals that have been used for centuries, so no technological breakthroughs are required, according to the report.

However, today few renewable power companies use any sort of ocean power: not even 10 megawatts capacity is currently operational. Despite the slow adoption of this technology, however, "Forecasting the Future of Ocean Power" suggests that the industry could install 1 gigawatt worth of capacity within six years.

These predictions are certainly possible, but to make accelerated growth a reality for ocean power, certain actions must be taken: these projects will need the same sort of tax incentives as solar power to grow at a significant pace. Furthermore, there's simply not any sort of public awareness for ocean power — at least not on the level that solar power enjoys. It would not be unreasonable to suggest that ocean power needs an investment on the order of what this report suggests for research and development, but budgeted for public education, lobbying and the like.

Photo — CTD 2005