Wave Energy Rolls onto Australia's Shores

---

Researched by Industrial Info Resources East Asia (Kofu-shi, Japan)--In order to ensure that renewable energy accounts for 20% of Australia's energy share by 2020, the country has enacted several plans, including the most recent Clean Energy Plan (CEP). Though the CEP carbon tax is not directly associated with the goal, it will help provide means to invest in renewable energy development. Other recent renewable energy schemes include the Large-Scale Generation Target and the Small-Scale Renewable Energy Scheme.

Most power generation companies are focusing on wind and solar power, and geothermal to a lesser extent. According to Industrial Info data, 70% of the more than $34 billion in tracked Australian renewable energy projects is composed of wind power investments. Solar power currently accounts for less than 20%, while geothermal is still an emerging trend.

Another developing trend is wave energy. Tidal energy, which utilizes submerged turbines, is already trending globally, with Industrial Info currently tracking approximately $10 billion in tidal investments. Wave energy currently accounts for less than $800 million in Industrial Info's renewable energy database, though marine power development, both tidal and wave, has twice the electrical generation potential than the world currently consumes. Most wave energy development is taking place in the United States and the United Kingdom, however Australia has the potential to generate more than 150 gigawatts via wave energy.

Carnegie Wave Energy Limited (ASX:CWE) (Perth) and Ocean Power Technologies Australasia Party Limited (Perth), a subsidiary of Ocean Power Technologies Incorporated (NASDAQ:OPTT) (Pennington, New Jersey), are two of Australia's leading wave energy pioneers. Both companies are currently in the planning stages for offshore power stations off the coasts of Western Australia and Victoria, with both projects expected to commence next year. Ocean Power Technologies is planning to construct a 19-megawatt power station near Portland, while Carnegie is developing a smaller station offshore from Garden Island.

View Project Reports - 300020763 200004871

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. IIR's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.