REA Welcomes UK Government’s Wave, Tidal Funding

The Renewable Energy Association (REA) welcomes the news that several marine renewables projects are set to progress having been successful in securing funding.

MeyGen Ltd and Sea Generation Wales Ltd have won £10 million each under the Government’s Marine Energy Array Demonstrator scheme (MEAD), which will progress their tidal stream projects at Pentland Firth and Anglesey respectively.

Pelamis has been granted £1.4 million by the Energy Technologies Institute (ETI) to advance a project seeking to enhance the cost-effectiveness of its wave energy devices.

And the European Marine Energy Centre (EMEC) has just today been awarded £4 million by the Scottish Government to fund a new testing berth.

Pelamis, EMEC, and Sea Generation’s parent company Marine Current Turbines are all members of the REA’s Ocean Energy Group.

REA Head of Marine Renewables Dr Stephanie Merry comments:

“Energy policy seems to be a sea of troubles at present, and indeed there are clouds on the horizon for marine renewables. Along with the rest of the sector, we face uncertainty over strike prices and the allocation process of CFDs under Electricity Market Reform. But we also have the added challenge of having to achieve significant cost reductions in advance of CFDs being awarded under a competitive process.

“However, credit where it is due – Government support for marine renewables is one area of relatively calm waters. The existing support available under the Renewables Obligation, combined with targeted support such as this, is doing much to help drive these cost reductions, as well as advancing innovations, proving concepts and improving efficiencies.”

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Press Release, March 6, 2013