Posted on: 21/05/2019
A group of 91 MPs have urged the UK Government to increase support for wave and tidal stream technologies.
In the letter to Energy and Clean Growth Minister Claire Perry the MPs claim that the UK is a world leader in tidal power technologies and that economies of scale will help deliver significant cost reductions.
They estimate the tidal stream industry could bring economic benefits of £1.4bn by 2030, supporting 4,000 jobs and that wave power technologies could generate an additional £4bn in economic benefits by 2040, creating 8,100 jobs in the process.
Reform of CfD system
The letter calls on the government to include new policies to support wave and tidal stream technologies in its forthcoming Energy White Paper. Measures could include reform of the CfD system to enable that marine technologies to compete among themselves for contracts.
"Marine energy is an innovative, world-class industry in which the UK is a global leader," said Conservative MP Richard Graham, Chair of the All-Party Parliamentary Group on Marine Energy and Tidal Lagoons.
"To ensure the industry keeps growing, marine energy needs a route to market. The right kind of support will enable firms to take investment decisions which will ensure we retain our advantage - otherwise it will slip away to international competitors."