Dr. Fionn Rogan:

On wave energy, we did some analysis of the scale of technology cost reductions needed to make it competitive to install the technology and deliver electricity. A reduction of about 80% was required from where technology costs are now for wave energy to be competitive. That sounds like a dramatic decrease. We looked at historic precedents for cost reduction as well, however, in respect of wind and solar PV. An 80% cost reduction is very big but there are historical precedents for that. We did additional analysis on the innovation needed to achieve that 80% reduction. We can share some of the results with the committee. We put together a policy brief on those recently. In summary, we looked at infrastructural needs, such as building up the knowledge and industrial base in Ireland. There are also technology challenges that some of our engineering colleagues are working on in the MarEI centre in Cork as well as the regulatory and consistency needs Professor Ó Gallachóir mentioned. A number of things have to come together and we can share our analysis with the committee.