The world’s oceans contain an immense renewable energy sources. Hundreds of millions of dollars have been spent on research and development of tidal and wave devices to harness these potentials. Much of these activities have occurred in the European Union (EU), driven by the prospects for creating a supply chain to meet the needs of an emerging regional and global marine energy industry, while simultaneously reducing dependence on fossil fuels and increasing energy supply security. These prospective achievements form the essence of the value proposition. Marine renewable energy sources such as wave and tidal power are poised to become an important part of the U.S. future clean energy. Recent Electric Power Research Institute (EPRI) and Georgia Institute of Technology studies have measured the annual technically recoverable energy from U.S. wave and tidal resources at 1,170 terawatt-hours (TWh) and 66 TWh respectively--a significant proportion is of the 4,000 TWh of U.S. electricity demand. In practice, the reality of project development likely will result in a much smaller realized resource, but if 10 percent extraction can be reached, this would be equivalent to the output of 37 large fossil fuel plants.
Renewable energy will provide affordable electricity across the country immediately. While facilities using fossil fuels require major upfront investment and planning to build, the Twin Ocean Power device will not require major immediate investment. It will produce more sustainable energy once built. The system operates at a very low cost and independent of fuel. As a result, prices for this type of energy system will become stable over time. In contrast, fossil fuel price can vary dramatically and are prone to substantial price swings. Using Twin Ocean Power technology will reduce our dependence on natural gas and coal while helping to increase competition and diversifying our energy supplies and protect consumers from fossil fuel price spikes.
In addition, utility companies spend millions dollars on financial instruments to hold themselves from these fossil fuel price uncertainties. With the Twin Ocean Power device, long-term renewable energy investments can help utility companies save money they would otherwise spend to protect their customers from the fluctuating fossil fuel prices. The cost to build each device unit is two million dollars, produce 3.1 MW of power and will supply between 2500 - 3000 households. The time to develope one devide is 6 months with 20 workers. The cash back time for investing money into this wave energy device is about 2-3 years, the shortest time frame compares to all other sources of clean energy such as wind energy, solar power, and other wave energy converters is up to 20 years cash back or more.
The US Energy consumption by 2011 is 97.5 quadrillion, and the coal energy is 20%, renewable energy is 9%. For energy consumption by 2017 is 97.7, and the coal energy is down only 14% which is 1% reduces every year but renewable is increasing only 2% in 6 years where only solar power and wind power had significantly increased.
The United States receives 2,100 terawatt-hours of incident wave energy along its coastlines each year, and tapping just one-quarter of this potential could produce as much energy as the entire U.S. hydropower system. Oregon and Washington have the strongest wave energy resource in the lower 48 states and could eventually generate several thousand megawatts of electricity using wave resources. Several sites in Washington’s Puget Sound with excellent tidal resources could be developed, potentially yielding several hundred megawatts of tidal power.
California, the greatest potential is along the northern coast. California has more than 1,200 kilometers (745 miles) of coastline, and the combined average annual deep water wave power flux is over 37,000 megawatts (MW) of which an upper limit of about 20 percent could be converted into electricity .