Carnegie Welcomes ‘The Future of Marine Renewables in the UK’ Report

Wave energy developer Carnegie Wave Energy Limited welcomes the UK House of Commons Energy and Climate Change Committee report on ‘The Future of Marine Renewables in the UK.’

The report highlights the opportunities and benefits of developing a world leading marine energy industry and the need for the UK to adopt a visionary approach to its continued support of marine energy.

The report recognises that wave and tidal energy combined has the potential to meet 20% of the country’s electricity needs while also becoming a major export opportunity for marine devices, components, other equipment and specialist skills. The UK has the largest wave resource in Europe, is less variable than wind energy, can be forecast several days in advance and provides a good match with seasonal electricity demand.

While the UK is currently the world leader in the development of wave and tidal devices, the report urges a further strategic, long-term vision for the marine energy sector to ensure the UK does not lose its early-mover advantage on the basis that wave energy clearly has the potential to deliver significant economic benefits to the UK, from what is a modest government investment.

The UK has allocated over £200m of public funds to date to marine energy grant funding. Significant future funding rounds have also been announced including recently the DECC Low Carbon Innovation Fund (£20m) and the Scottish WATERS2 Fund (£6m).

The report issues a number of recommendations to help ensure the UK retains its leading position, such as providing increased clarity about revenue support beyond 2017 and ensuring appropriate investment in new grid connections.

Tim Yeo MP, Chair of the Committee, said:

“We are extremely well placed to lead the world in wave and tidal technologies, which could potentially bring significant benefits in manufacturing and jobs, as well an abundant supply of reliable low-carbon electricity. A more visionary approach from the UK Department of Energy and Climate Change could help to boost confidence and drive the pace of development.”

Carnegie has worked with the UK Government, and other key stakeholders, to identify and develop potential commercial CETO project sites in the UK and has leveraged the UK’s experienced marine industry in commercialising the CETO technology. Carnegie looks forward to working further with the UK government and marine industry to demonstrate the technical and economic viability of wave energy and its contribution to the energy mix.

Carnegie’s Chief Executive Officer, Dr Michael Ottaviano, presenting at the Jefferies Global Clean Technologies Conference in New York City yesterday, commented that “Carnegie applauds the UK Government’s foresight and support for the burgeoning wave and tidal energy industry to date and encourages a strategic, long-term vision to see that pioneering vision come to fruition.”

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Offshore WIND staff, February 24, 2012; Image: carnegiewave