Abstract
Ocean current energy technology has been proposed as a potential contributor to Florida’s energy portfolio. There has been limited investigation of how this energy would be valued when integrated into the Florida electrical grid. This study assesses three future grid scenarios to evaluate the impact of adding zero-cost ocean current energy to each. The Resource Planning Model, a tool developed by the National Renewable Energy Laboratory, is used to identify the least-cost generation mix through 2050, with and without ocean current energy. The first scenario is a base case and assumes existing policies in which the addition of ocean current energy does not retire fossil-based technologies but variable generation technologies. In the second scenario, solar and storage technologies are lower cost, and the addition of ocean current generation enables those technologies along with wind to retire existing natural gas units earlier. In the third scenario, which requires a 95% reduction in carbon emissions from 2020 levels by 2050, ocean current energy can play a role in decarbonization along with other variable generation technologies. This analysis is intended to inform stakeholders on the opportunity, potential challenges, and overall value to the grid of ocean current technology from a reliability and availability focused perspective.