Implementing Radical Innovation in Renewable Energy Experience Curves

Paul Kerr, Donald R. Noble, Jonathan Hodges, Henry Jeffrey

Research output: Contribution to journalArticlepeer-review

Abstract

Cost reductions in nascent forms of Renewable Energy Technology (RET) are essential for them to contribute to the energy mix. Policy intervention can facilitate this cost reduction; however, this may require a significant investment from the public sector. These cost reductions fall into two broad categories: (1) incremental cost reductions through continual improvements to existing technologies, and (2) radical innovation where technologies that significantly differ from the incumbents are developed. This study presents a modelling methodology to integrate radical innovation in RET experience curve and learning investment analysis, using wave energy as an example nascent RET. This aims to quantify the potential effects of radical innovation on the learning investment, allowing the value of successful innovation to be better analysed. The study highlights the value offered by radical innovations in long-term deployment scenarios for wave energy. This suggests that high-risk R&D efforts in nascent RET sectors, even with low success rates, could still present significant expected value in offsetting future revenue support.
Original languageEnglish
Article number2364
Number of pages28
JournalEnergies
Volume14
Issue number9
DOIs
Publication statusPublished - 21 Apr 2021

Keywords

  • experience curve
  • innovation
  • learning investment
  • renewable energy
  • wave energy

Fingerprint

Dive into the research topics of 'Implementing Radical Innovation in Renewable Energy Experience Curves'. Together they form a unique fingerprint.

Cite this