Financial Analysis Of A Hybrid Tidal Stream Energy System For Sustainable Island Electrification In The Philippines

Tidal Stream Energy (TSE) is emerging as an innovative solution to provide clean and reliable energy. TSE also has the benefit to conserve land, since the turbines are located in an offshore environment with strong tidal flows. This energy source has the opportunity to make a major difference in off grid areas, such as those found in the Philippines. As an archipelago of over 7000 islands, there are many “off grid” locations which are underserved or completely unserved with electricity. The Philippine government has instituted a missionary electrification program designed to help the many off grid locations throughout the country. However, providing electricity for the citizens of these locations is difficult due to the high cost of produced energy in remote areas. To assist in this, the government has created a Universal Charge for Missionary Electrification (UCME), which is a subsidy from developed areas distributed to missionary areas to improve the affordability of generated power. However, the subsidy algorithm is largely based upon the OPEX of diesel plants