Report made by Marine Energy Programme Board calls for new Government’s approach when it comes to the allocation of funds to the wave and tidal energy sector.
The report ‘Capitalising on Capability’ urges UK, Scottish and Welsh Governments and Northern Ireland to unify and provide a joint suitably developed strategy for commercializaton of wave and tidal technologies, with the prospects for marine energy out to 2030 and beyond.
The companies surveyed for this report say that for every GBP 1 in fuding provided by the Government, they have to spend GBP 7 of privately sourced money. This is important, because investments support around 1.700 people working in the wave and tidal energy sector, and the industry has the potential to support up to 20.000 jobs in the next decade.
Government’s Renewables Obligation and Contract for Difference schemes have made the UK an attractive market when it comes to commercializing marine energy projects, but ‘it is impossible to secure the level of private capital needed for smaller pilot projects to demonstrate their performance,’ the report reads.
The report suggests that a co-ordinated finance package from public and private sector is necessary to fund these pilot projects. Report made by ORE Catapult identified that approximately GBP 300 mln of funding support is required to take the sector to the next level.
MEPB recommends that UK Government and EU jointly provide funding which would enable the growth of the sector over the next 5 to 10 years.
Dee Nunn , RenewableUK’s Wave & Tidal Development Manager, said: “The measures being put forward would enable industry to capitalise on the excellent resource and test facilities we already have in the UK to move the technologies to a commercial position.
“It would lead to financial close for at least 3 pilot tidal arrays on UK waters by 2018, and the first wave arrays at demonstration centres.”
Marine Energy Programme Board draws together stakeholders from across the marine energy sector, and play a central role in advising ministers what actions the Marine Energy Programme should address to advance the industry.
Image: EMEC/Illustration