Banking service chronicle this article was published in the magazine sindhuja-i it is an ocean wave energy converter developed by iit madras. it consists of a floating buoy a spar and an electrical module. electric module generates electricity by using the relative motion between floating buoy (moving up and down with waves) and fixed spar passing through buoy centre. it can help india to meet energy needs of its islands and also achieve climate change-related goal of generating 500 gw of renewable energy (re) by 2030. seawater stores tidal wave and ocean thermal energy making the harnessing of 40 gw wave energy possible in india tidal energy is caused by gravitational interaction between earth sun and moon. wave energy is caused by wind blowing across oceans surface. Banking service chronicle magazine 79 ocean thermal energy is caused by temperature differences (thermal gradients) between ocean surface waters and deep ocean waters. advantages no pollution renewable higher available energy densities predictable and less volatile in comparison to some other re sources. disadvantages high initial cost threat to marine life and navigation location dependent and risk of damage from natural forces Banking service chronicle magazine subscription
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