Integrated Ocean Energy Marketplace

NERA is helping to stimulate market demand for offshore renewable energy in Australia by supporting the Australian Ocean Energy Group (AOEG) — an industry-led ocean energy cluster — to establish the world's first Integrated Ocean Energy Marketplace (Marketplace). The Marketplace is part of NERA's collaborative project to establish the cluster.

Based in WA's Great Southern region, the Marketplace will demonstrate the value of wave energy (and tidal energy in Australia's north) as critical enablers of offshore wind and solar power in an integrated renewable energy microgrid system. This first of a kind innovation hub will demonstrate how the technologies can be combined in a complementary system to enhance energy resilience and sustainability of remote coastal areas and in offshore industries (such as offshore food production, ports, remote monitoring and O&G). In addition, it will support Australian businesses to commercialise their technology locally, with enormous export potential.

When developed, the Marketplace will 'mirror' a commercial, integrated ocean energy system that generates and sells electricity to its customer. By seeing diverse renewable technologies working together AOEG anticipates markets will witness the advantages of developing integrated energy systems and will be motivated to pursue commercial development for themselves.

Key objectives of the Marketplace are to:

  • Serve as a catalyst for commercial project development planning, including permits and environmental consent processes.
  • Serve as Australia's ocean energy centre of excellence and trusted 'operational advisor'.
  • Build community and stakeholder support, reliant on local commerce.
  • Build support for the development and promotion of the offshore renewable energy sector, including government policy input and public relations.

The Marketplace was unveiled on 11 May 2022 at the AOEG’s Market Summit in Hobart. View the media release here.