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Wave energy, sometimes referred to as wave power, is the transport/ capture of energy by the ocean's surface waves. The energy captured is used for electricity generation, water desalination, pumping of water, etc. The first patent in wave energy happened in Paris in 1799. Wave energy got new interest in the 1970s during the oil crisis.

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There are 3 main types of technology used; absorbers, attenuators, and oscillation water columns.

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Attenuators capture energy by being placed perpendicular to the length of the waves. They are connected to hydraulic pumps which convert energy.

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Oscillation Water Columns is a partially submerged enclosed structure. The upper part is filled with air and incoming waves are funneled to the bottom. The waves cause it to rise and fall. The turn pushes and pulls air through a connected turbine at the top of the structure which converts energy.

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Absorbers extract energy from the rise and fall of the waves with a buoy which is then converted to electrical energy.

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- Oceans cover 71% of the Earth, so it is accessible.
- The energy is green.
- Harnessing wave energy does not emit harmful gases.
- Waves are essentially always in motion and rarely interrupted, making it incredibly reliable.

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- Wave energy could cause conflicts with the appearance.
- It is unclear how it affects marine life.
- The cost is fairly high.
- Wave energy devices also require regular maintenance.

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A coastline is needed to harness wave energy. It is used all over the coasts of the world, most abundantly it occurs on the western coasts of Scotland, northern Canada, southern Africa, Australia, and the northwestern coast of the USA. It is expensive so it typically occurs in MEDCs. It is an abundant yet constrictive source of renewable energy because it needs ocean waves and is expensive.

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New technology is changing the way wave energy is collected. The new technology operates on land so the only parts in the water are the floaters, buoys, and hydraulic cylinders. Wave energy is focused on the potential power and reliability of wave motion. There is still research going on to figure out how it impacts marine ecosystems.

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Wave energy (or wave power) is the transport and capture of energy by ocean surface waves. The energy captured is then used for all different kinds of useful work, including electricity generation, water desalination, and pumping of water. Wave energy is also a type of renewable energy and is the largest estimated global resource form of ocean energy.

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Renewable Energy on the Outer Continental Shelf

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The concept of wave energy isn't new. Wave energy is one of the most significant natural resources on the planet. Waves never cease. Unlike solar energy, waves don't stop just because it's too dark or there's cloud cover. There are a growing number of advances in marine energy, which has lagged behind solar and wind renewable power sources due to the harsh ocean environment and technical challenges.

In the past, businesses have struggled to commercialize wave energy, due to cost, efficiency issues and vulnerability to storms. And there was an issue of liability. Some storms bring in very high waves - as much as 25 to 30 feet high - or higher - which threatens to damage energy-harvesting equipment.

New technology is changing the way wave energy is collected. One promising new system designs buoys that do not need expensive maintenance and can be left alone, quietly feeding energy into the electrical grid while bobbing up and down unobtrusively out of sight. And, when stormy weather gets too blustery, the buoys can be either submerged or taken out of the water.

The majority of the new system operates on land so the only parts in the water are the floaters and their hydraulic cylinders. The power station is built close to shore and mostly on existing structures like jetties or man-made breakwaters. This allows operators to lift the buoys or submerge them during a storm, keeping the system intact. This design is more attractive to insurers, because there is a lower chance of damaged equipment.

Other innovative wave energy systems include the use of a submerged tidal turbine that uses seabed-mounted turbines. Another wave energy conversion device extracts power from the vertical and horizontal movement of the waves using high-pressure hydraulics.

The promise of wave energy is focused on the potential power and reliability of wave motion. It can generate electricity 24/7, making it easier to integrate into the grid than either solar or wind power. However, there are still major concerns about how tidal and wave energy devices may impact marine ecosystems. Even though today's systems are designed to shut down if a marine animal approaches the device, environmental scientists are still studying the effects of wave energy collection systems on ocean environments and inhabitants.

Many other ways of capturing wave energy are being developed. These methods include bending waves into a narrow channel to increase their size and power to turn the turbines. Another method is to channel the waves in into a reservoir that generates electricity similar to the way a hydropower dam operates. Most other methods in development involve placing devices on or just below the surface of the water and anchoring the device to the ocean floor.

In the future, it is expected that the potential of ocean wave energy could generate as much as 2.64 trillion kilowatts per year, equivalent to 66% of the electricity generated in the U.S. in 2017. However, it may take a decade or longer to develop wave energy systems that are safe for the environment and are efficient. Wave energy is a promising renewable energy resource that could replace a portion of the fossil fuels we currently consume.

Today's environmental risks can have far-reaching environmental impacts. In response, Marsh & McLennan Agency (MMA) can develop a unique approach to help your organization better understand and manage these risks.

Contact MMA to learn more about innovative risk management strategies.

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Is Ocean Wave Power the Next Big Thing in Renewable Energy? | Blog | MMA

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The concept of wave energy isn't new. Wave energy is one of the most significant natural resources on the planet. Waves never cease. Unlike solar energy, waves don't stop just because it's too dark or there's cloud cover.