H3 - Development of market mechanisms for ORE

H - Marine Planning and Governance

Status - published
Last updated on: 12/11/2019

Challenges/Opportunities

Fit-for-purpose market mechanisms do not as yet exist for the UK domestic ORE market, particularly for marine renewable energy

Solution

Development and analysis of potential policy frameworks to support ORE technology commercialisation.

Context And Need

Need:

There is a need for fit-for-purpose market mechanisms for the UK domestic ORE market that reflects the requirements of different technology sectors within ORE: offshore wind, wave and tidal energy, at different stages of development.

Breakthrough:

Research is needed to inform policy on appropriate support mechanisms for emerging technologies in order to develop a fit-for-purpose, economically-viable market mechanism. This will then stimulate investment and accelerate development of the ORE sector.

Summary

Fit-for-purpose market mechanisms are needed for the UK domestic ORE market, with appropriate measures reflecting requirements for technology sectors at different stages of development, particularly for marine renewable energy. Development and analysis of potential policy frameworks to support ORE technology commercialisation will allow rational mechanisms to be established.

Impact Potential

A market mechanism would facilitate deployment, which would enable learning-by-doing, which would in turn reduce CAPEX from economies of scale and OPEX from operational experience.

Research Status

While substantial work has gone into LCOE modelling, until now there has been limited investment into quantifying the Return on Investment (ROI) of market mechanisms.

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We would also like to invite UK researchers and industry stakeholders within ORE to submit links to research projects, both past and present, for inclusion within the landscape.

Therefore, if you have a UK-based research project within an area of ORE that you feel is relevant to a specific research theme or challenge within the Research Landscape, click HERE to submit your research project to the research landscape

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