New ocean wave technology may result in future savings
A total of $5 million in conditional funding has been awarded by the Victoria government to one ocean energy company to demonstrate its new wave energy technology.
BioPower Systems will utilise the money as part of a $14 million pilot demonstration of an innovative technology that uses the power of the sea to generate electricity.
Known as bioWAVE, the 250 kilowatt system takes inspiration from the movement of aquatic plant life.
Its multi-blade structure is thought to be one of the most efficient ways of harnessing energy from the sea and the funding allows the new system to be tested at a depth of 30m in Port Fairy, Victoria.
''We believe bioWAVE will produce electricity at a price highly competitive with wind and be closer to baseload characteristics than either wind or solar,'' said Dr Finnigan.
Because the energy generated by his method will be delivered to the grid, households may eventually be able to access it through energy retailers.
Though this may result in savings for consumers down the track, the project still needs another $3.6 million in funding and wave technology generally is still in its infancy.
It may therefore be some time before ordinary householders will be able to benefit from ocean energy.
Even if this technology comes into play, consumers may want to compare electricity suppliers to ensure that they are not paying a higher retail price than is necessary.
Posted by Charlie Moore