Modelling the economic impacts of 500Â MW of wave power in Ireland

► We modelled the Irish Electricity Market in 2020 with and without 500 MW of wave energy. ► The inclusion of wave energy did not have a significant impact on system marginal prices. ► The inclusion of wave energy reduced total costs in the system relative to a wind only scenario. ► REFIT tariff remains an essential financial support for the nascent wave energy industry.