SWEDEN—On February 9, the utility-scale tidal power plant Dragon 12 (rated at 1.2 MW) owned and operated by Ocean energy company Minesto successfully went into service, supplying the Faroe Islands' national grid with its first electricity.

Understanding the Methodology: Tidal streams and ocean currents are 100% predictable ~ 

Minesto's method aims to efficiently harvest the energy present in tidal streams and ocean currents. Ocean currents and tidal streams can provide locally generated, dependable, and safe renewable energy. 
In contrast to other renewable energy sources, there are some notable advantages:
Trustworthy and dependable. Different from wind, solar, and other ocean energy sources like wave power, tidal and ocean currents are almost always predictable. The endless flows guarantee dependable power availability in the future.
Globally: Every continent has tidal streams and ocean currents.
Full of vitality: As flowing water has a density that is around 830 times higher than moving air, energy conversion occurs more efficiently. 
Minimal land use and little visual impact: In many regions of the world, there is not enough land available for renewable energy installations. Onshore energy sources like solar and wind therefore face competition from other land uses. Underwater energy production technologies, such as Minesto's tidal technology, are covert and do not compete with land-based applications. Using the immense resources of tidal streams and ocean currents with little to no environmental involvement is one of the least restricted ways to produce huge amounts of power. The fully functional Dragon 12 from Minesto resembles a future military drone, yet when submerged, it acts a lot like a kite. It harvests renewable energy by flying patterns faster than the currents thanks to the lift produced by tidal flows. The foundation of most renewable energy grid ideas is solar energy, but moon energy is even more dependable, and some businesses are attempting to market energy produced by the tides' regular inflows and outflows.

'Let's make use of the tidal streams and ocean currents. The ocean continues to be one of the largest and least used renewable energy sources in the world. Ocean energy has the potential to provide dependable and sustainable electricity to communities worldwide!' - Technologies Minesto

The Dragon 12 is competitive because it is robust, cost-effective, and dependable in providing power to the grid ~

It works similarly to land-based wind energy kites, which fly in figure-8 patterns to accelerate themselves faster than the wind. According to Minesto, this allows the Dragon to extract more energy from a given tidal stream than previous designs. It also modifies the economic calculations for locations that are relevant, making slower tidal flows more profitable to exploit. These are by no means little kites; to fit inside a shipping container, the Dragon 12 must be disassembled. Its massive 12-meter (39-foot) wingspan belies its weight of at least 28 tons. The most important number in this situation, as it is in any renewable energy project, is LCoE (levelized cost of energy). How much will it cost? According to Minesto's 2017 projection, if the first 100 megawatts of capacity were constructed, prices would drop to as low as $54/MWh. The Faroe Islands are a group of narrow gaps that tidal currents funnel through.  This increases the water's speed significantly, which boosts the amount of energy that devices like the Dragon 12 can absorb. 

''There is an urgent need to stop subsidizing the fossil fuel industry, dramatically reduce wasted energy, and significantly shift our power supplies from oil, coal, and natural gas to wind, solar, geothermal, and other renewable energy sources.  A spiritual voice is urgently needed to underline the fact that global warming is already causing human anguish and mortality in our nation and abroad, and much more will occur in the future without rapid action.'' ~ Bill McKibben