The Offshore Renewable Energy (ORE) Catapult has published an evidence-based assessment that shows the United Kingdom's marine energy industries can meet the requirements of the UK Government's "triple test".
The tests for determining support for new technologies, are achieving maximum carbon reduction, showing a clear cost-reduction pathway, and demonstrating that the UK can be a world-leader in a global market.
The Tidal Stream and Wave Energy Cost Reduction and Industrial Benefit report concluded that the tidal stream industry could generate a net cumulative benefit to the UK of £1.4 billion (US$1.9 billion) and support 4,000 jobs by 2030.
Up to 60 per cent of the economic benefit is expected to be created in coastal areas with greater need for economic regeneration.
In terms of carbon emissions reduction, the report found marine energy technologies have the potential to displace natural gas generation on the grid and to reduce carbon dioxide emissions permanently by at least one million tonnes of CO2 per year after 2030 and at least four million tonnes of CO2 per year after 2040.
Finally, according to the report, tidal stream has the potential to significantly reduce costs from £300 per MWh today to below £90 per MWh within a 1GW deployment.
ORE Catapult's Research and Innovation Director Dr Stephen Wyatt said tidal stream requires an immediate route to market via revenue support to enable volume deployment, standardisation and the application of existing innovation activity. Ongoing research and development was also needed.
Wave energy requires continued research and development funding support to achieve technology convergence and prove survivability and reliability.
