Timing value of marine renewable energy resources for potential grid applications

In this paper, the applicability of marine renewable energy (MRE) for potential grid applications is presented. We show that many of the unique value streams from marine-based electricity generation resources stem from their inherent temporal characteristics, especially when compared to wind and solar. Specifically, in this work, we evaluate the timing value for three types of MRE resources: (a) tidal, (b) wave, and (c) ocean currents. First, through a suite of novel metrics, such as resource availability, persistence, and versatility, we evaluate the temporal value characteristics of these resources. Second, through a more grid-oriented numerical study, we comment on the potential ramifications of those temporal characteristics in context of energy balancing and effective load carrying capability for one marine-based resource i.e., wave. Finally, we further our understanding of the relative advantages that may be leveraged by operating wave-based generation in tandem with more established renewable resources, such as wind and solar. Our results indicate that compared to wind and solar, MRE resources are consistently more available and persistent on an hourly level throughout an entire year of operation. In addition, wave resources are also seen to reduce the balancing requirements within the power system. Our work focuses on sites specific to the United States (US) and a parallel study for a location in Great Britain (GB). Results are found to be consistent for sites in both the US and GB, implying that the grid benefits discussed in this work could apply to a number of locations globally.