More money for marine renewables

Published 03.02.2010 16:16:36 by John Bradbury

While the UK government was backing support for a change in the UK energy market another agency has said marine energy devices are ready for full deployment with £22 million of new funding.

After the DECC supported Ofgem's statement on the need for up to £200 Bn of investment to secure Britain's future energy supplies as North Sea reserves dwindle, the UK's Carbon Trust said today that marine energy devices are ready for mass deployment and capable of creating a new offshore industry.

Six of the best marine energy devices are to supported with £22 million of new funding, the Carbon Trust has said , from a Marine Energy Providing Fund, through the Department for Energy and Climate Change.

Cash is to be given to Atlantis Resources, Aquamarine Power, Hammerfest Strom UK, Bristol-based Marine Current Turbines, to Pelamis Wave Power and Voith Hydro.

The Carbon Trust says the funding is to create greater certainty over the technical performance of each system, to trigger increased confidence in the marine energy sector.

“Generating electricity from the UK’s powerful wave and tidal resource not only plays a crucial role in meeting our climate change targets but also presents a significant economic opportunity for the UK,” said Tom Delay, chief executive of the Carbon Trust. “Wave alone presents a £2 billion economic opportunity for the UK,” he said, announcing the new funding.

Delay said demonstrating full scale devices at sea is “...Central to realising the full potential of marine energy and getting the first commercial projects in the water is critical to ‘de-risk’ the technology and attract the necessary private sector investment. This is the start of major new industry that will generate jobs and wealth across the UK,” the Carbon Trust chief said.

Lord Hunt of King’s Heath, the Uk Minister of State for Energy, said: "With our excellent wave and tidal resources – the richest in Europe - and our expertise in oil and gas exploration, we are world leaders in this field."

He went on: "We need to continue to encourage innovation and ingenuity in the sector, which is why I am pleased to congratulate the six successful projects that will receive funding totalling £22m to help accelerate the development of their leading technology."

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