Siemens Boosts Its Stake in Tidal Power
Marine energy has long looked to be a niche area, capable of meeting just a few percent of global power demand. But this seemingly limited energy source is drawing some big players, the latest being Siemens. The German engineering giant boosted its stake this month in Bristol, U.K.-based tidal energy developer Marine Current Turbines from under 10 percent to 45 percent. The attraction, according to Michael Axmann, chief financial officer for Siemens’s solar and hydro division, is the predictability of marine power.
Solar and wind farm operators struggle to predict tomorrow’s output, and bad forecasts can wreak havoc with power transmission planning and market prices. In contrast, the gravitational pull of the moon and sun that controls tidal cycles provides a sure means of anticipating the output from tidal generating stations. “Power output of the systems could be calculated for centuries in advance,” says Axmann.