Final answer:
The Bay of Fundy hosts North America's only tidal power station, capitalizing on its high tidal range. However, the potential for global tidal power expansion is small, limited by specific geographical requirements and a global budget of only 3 TW for tidal energy.
Step-by-step explanation:
North America's only tidal power station is located in the Bay of Fundy, which is known for having the highest tidal range in the world. Tidal energy works best in areas like the Bay of Fundy due to the significant tidal swings and the geography that allows for the construction of dams. Although tidal power is a predictable and reliable source of energy, it is restricted to very specific locations where the conditions are ideal, and its contribution to the global energy mix is limited. The larger global potential for tidal energy is not significant with only 3 TW suggested as the global budget, signifying that it will remain a small player in the renewable energy sector.