After the UK government introduced the Great British Energy Bill, the Marine Energy Council (MEC), besides the creation of the Bill, has also welcomed the collaboration between the newly-created Great British Energy and The Crown Estate. This partnership is set to support early site development, speeding up marine energy deployment and creating a pipeline of projects for future renewable auctions.
The Great British Energy Bill could play a key role in realizing the UK’s marine energy potential. According to MEC, the partnership will help grow the tidal stream and wave energy industries, creating green jobs and supply chains across the UK, and keeping Britain at the forefront of the energy transition.
The UK has over 30 GW of marine energy potential, which can be tapped using local supply chains, creating jobs and attracting investment to coastal areas, said MEC. Current tidal stream projects in Scotland use over 80% of UK-sourced materials.
“The UK has the rich natural resources and maritime expertise to lead the world in marine energy. Today’s announcement could make it easier for tidal stream and wave energy projects to deploy here in the future and bolsters investor confidence in these critical technologies,” said Richard Arnold , the MEC’s Policy Director.
“To build on the momentum the Government has created it is vital that the tidal stream ringfence is increased from £10m to £30m in this year’s renewable auction. ”
Following ringfences in renewable auctions, the UK expects to have over 100 MW of tidal stream capacity by 2028. The goal is to ensure UK supply chain involvement in both domestic and international projects.
The key to unlocking the UK’s marine energy potential is simplifying the process of getting technology in the water, said MEC. Projects need a lease agreement, marine license, and grid offer before bidding in the UK’s renewable auctions, and Contracts for Difference (CfD) mechanism, which can be costly and time-consuming.
“The marine energy industry looks forward to working with Great British Energy to realise the potential of tidal stream and wave energy as leading home-grown clean energy resources,” added Arnold .
Great British Energy , a publicly owned clean energy company, aims to deploy clean energy, create jobs, boost energy independence, and benefit UK communities with home-grown energy.
The new state-owned clean energy company, which will be headquartered in Scotland, is backed with £8.3 billion (almost €9.9 billion) of new catalyzing investment over this Parliament to own and invest in clean power projects in regions across the UK, according to the government.
The partnership between the UK’s new energy company and The Crown Estate could attract up to £60 billion (around €71 billion) of private investment into the UK’s energy projects.
The UK government recently introduced a bill to establish Great British Energy. Before the bill’s introduction, the government revealed a partnership between the new company and The Crown Estate. This collaboration aims to enhance support for wave and tidal energy projects, among other things.