The Grid Value of Ocean Current Energy in Florida: Preprint

Ocean current technology has been proposed as a potential contributor to Florida's energy portfolio. There has been limited investigation of how this energy would be valued when integrated into the Florida electrical grid. This study assesses three future grid scenarios to evaluate the impact of adding ocean current to each. NREL's capacity expansion model, Resource Planning Model, is used to identify the least-cost generation mix through 2050, with and without ocean current. The first scenario, Business as Usual, Base case assuming current policies, ocean current does not replace fossil-based technologies. In the second scenario, we allow solar and storage to have lower costs than the first scenario which allows ocean current to retire gas earlier and more variable generation technologies to be deployed. In the third scenario, the Florida carbon constraint 95 by 2050 from 2020 levels case, ocean current can play a bigger role in decarbonization than the two other cases when coupled with other technologies.