A recently published report by GlobalData shows that Australian tidal power development has the potential to produce four time’s the nation’s power needs. The report was compiled utilizing data from primary and secondary research, databases, and in-house analysis.

According to the report, the Southern Ocean (comprising the southernmost waters of the world’s oceans) is considered one of the most consistent sources of tidal energy worldwide. Australia has been implementing various initiatives to generate 20% of its power needs from renewable sources by 2020.

Funding for this includes greenhouse gas reduction grants totaling AUD$10 million from the Western Australia state government and AUD$435 million from Australia’s Renwable Energy Development Program for commercialization and deployment of renewable energy technology, including ocean energy.

Research and development work is under way by many Australian companies to meet this goal, including corporate demonstrations and university research.

The report also included a breakdown of costs for tidal development, profiles of major developers, and forecasts of installed capacity to 2030.

The tides of the Australia coastline hold a potential of 678 GWh; the waves are estimated to hold 963 GWh of power generation potential.

GlobalData is a business intelligence specialist that provides analytics to help clients make informed decisions.

The company also released a report indicating potential for the hydrokinetic power sector in the U.S.

Carnegie Wave Every is one of the companies working to advance the marine and hydrokinetic industry in Australia through development and deployment of its CETO wave power generation system.