Tidal stream energy could boost UK economy by £1.4bn
The UK’s nascent tidal stream industry could generate a net benefit to the UK economy of £1.4bn and support 4,000 jobs by 2030, new research has found.
A report from the Offshore Renewable Energy (ORE) Catapult reveals the industry can also meet the government’s ‘triple test’ for determining subsidies for new technologies.
In addition, it predicts that the cost of tidal stream power could fall from £300/MWh to £90 within 1GW of deployment, significantly offsetting CO2 emissions from natural gas generation.
Because of the technology’s early maturity levels, the report argues that tidal stream requires an immediate route to market via revenue support to enable volume deployment.
This will also be necessary to enable standardisation and the application of existing innovation, as well as ongoing research and development to further enhance the technology solutions available.
It is thought that the sector could provide an economic benefit of between 50% and 60% in coastal areas with a greater need for economic regeneration, resulting in considerable exports.
Dr Stephen Wyatt, ORE Catapult’s research and innovation director, said: “We will now continue our work with the relevant government departments to establish the best way to capture such advantage, in terms of growing our economy, creating jobs and exporting goods and services all over the world.”
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Chris Seekings is a reporter for TRANSFORM