![]() This image from Exxon Mobil (NYSE: XOM) shows how rapidly energy demand is expected to grow across the world. This is anticipated to be the result of increasing industrialization in major third world countries with large populations, countries in Africa like Nigeria or the Democratic Republic of Congo.Įvolving Energy Mix - Institute For Energy Research However, not only does the world consume a massive amount of energy, but worldwide energy demand is anticipated to grow rapidly. The world consumes a massive amount of energy. This shows the low cost power production potential provided by tidal power. Given that last year, the Sihwa Lake Tidal Power station produced roughly 2150 megawatt hours per megawatt hour of production potential, that means that tidal power is cost effective with coal after just 4.3 years. Currently coal costs an average of $109 per megawatt-hour to produce. ![]() The feasibility of tidal power can be seen with the Sihwa Lake Tidal Power station in South Korea built at a cost of $1 per megawatt of production potential. South Korean Tidal Power Station - Digital Insight Research With the world demand for power growing rapidly, and countries in the need of a cheap and renewable source for electricity production, tidal power, as we will see, has the potential to become a big deal. ![]() Despite being non-existent in this market, tidal power has the potential to grow a large market. Tidal power is a form of renewable power generation that uses the regular tides to form electricity.
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