> Benefits to Bermuda
As an oceanic island, Bermuda has abundant, unrealised ocean energy potential. Harnessing this energy will have direct and significant benefits to the island, including:
- Renewable, clean, domestic energy production
- Energy security through reduced reliance on international oil importation
- Stabilization/slowdown of escalating electricity costs
- Economic profitability and reinvestment of current fossil fuel capital expenditures into domestic economy
- Promotion of Bermuda’s role as a world leader in renewable ocean energy
- Potential for offsetting carbon footprint
> Sustainable Development
Bermuda is a signatory of the United Nations Framework Convention on Climate Change and as such has a responsibility to reduce its greenhouse gas emissions. In 2011, the Bermuda Government released a White Paper on Energy, in which it committed to a 30% reduction in these emissions by 2030. By generating up to 20MW, Triton’s zero-emissions wave energy project will make a significant contribution towards that target.
> Reducing reliance on imported oil
The Island currently consumes an hourly average of 80MW of electricity with a peak summertime load of 122 MW, which requires approximately 1 million barrels of imported oil each year. By reducing this oil demand, Triton’s Bermuda Project will help stabilise the price fluctuations and ultimately reduce the cost of electricity to the Bermudian consumer.
As an affluent and modern economy, an upscale tourist destination, and one of the world’s largest offshore financial centres, Bermuda is an extremely attractive location to showcase innovative technologies. A CETO™ wave platform will generate a unique tourism opportunity for Bermuda, combining renewable ocean energy and ecotourism. We foresee both business visitors who are interested in viewing CETO™ with an interest in deploying it in other jurisdictions, as well as tourism opportunities for local snorkelling and diving operations and tour boats.
> Jobs for Bermudians
We will create employment opportunities for Bermudians in the construction and operation of the wave energy facility, and will transfer skills and knowledge to Bermudians. The business model also provides for the possibility of using the solutions developed in Bermuda as models for other island communities.