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Economic Potential

Introduction 

SPERBOYTM‘s unique features should make it a leader within the OWC family due to simplicity, ease of construction and maintenance, long operating life and low cost of generation. When deployed in seas along the Atlantic seaboard of Europe each unit is expected to have a rated capacity of about 1MW. Wave power is well suited to Western Europe, along with Canada, United States of America, Japan, South Africa, Australia and New Zealand. The energy market is believed to be some 50 TWh of wave power based upon current consumption.

The Economics

The likely band of generation costs from SPERBOYTM is £50 to £140 per MWh based upon current research knowledge. The current market price of renewable energy in the UK would appear to be between £70 and £100 per MWh. The value placed on marine energy in Portugal is €240 per MWh, somewhat higher than the UK market. Clearly, Embley Energy Limited’s product is likely to be highly competitive.

 

The Carbon Trust’s Marine Energy Challenge concluded that the devices assessed had costs of generation ranging from £50 to £400 per MWh. The simplicity of the SPERBOYTM WEC, along with a highly competitive cost of generation, places it at the forefront of WEC technologies.

 

The Carbon Trust suggests there is likely to be £500 billion capital expenditure globally on WECs. Taking say 20% of this, being realistic over a twenty-year period, gives an estimated £5 billion per annum market. To put this in context, the current wind power market is larger and has been for some years. It is thus reasonable, indeed conservative, to assume that the wave power market will be at least some £5 billion per year.

 

A 5% royalty/licence fee on 75% of this yields approaching £200 million annually, solely for a manufacturing licence. Given SPERBOYTM‘s apparent economic attractiveness, a 10% to 30% market share might be a reasonable aspiration, providing annual manufacturing licence fees of £20 to £60 million. Generation and other licences are also expected to provide further revenues.

 

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