Wave and tidal energy worth more than £200m to Scottish energy sector

Scotland’s wave and tidal energy sector has invested more than £217m in the country to date, with £31.8m spent in the last 12 months alone, according to a report published today.  

Significantly, the study also revealed that two-thirds (62%) of the growing industry’s supply chain is Scottish.

Marine energy – in which Scotland is recognised as the world leader – has been forecast to be worth £50 billion by 2050. 

A spokesman for Scotland’s renewables industry trade association, commented: “Wave and tidal energy is still very much the renewables new kid on the block, but the opportunities it presents are enormous, particularly for Scotland.

“These investment figures show the significant economic benefits this young sector is bringing. Crucially, those benefits are staying local, benefitting communities and families who are looking to renewables for a sustainable future, both economically and environmentally.

“Scotland already leads the world in the development of these audacious, innovative machines, and maintaining that position at the front of the global pack is something we believe is worthy of continued government support.”

Seventeen organisations working in marine energy were surveyed for the new report. While providing updates on the progress of cutting-edge machines and projects, the firms were asked to provide investment statistics for compilation.

Other key milestones in the report include (as all previously revealed in Scottish Energy News )  

• Pelamis’ two P2 machines have cumulatively delivered wave power to the grid for 10,000 hours – that’s 416 days, or 59 full weeks.
• And the MeyGen project – the world’s first commercial scale tidal array – became the first large-scale tidal project of its type in the world to successfully reach a funding agreement, and achieved onshore and offshore planning consent in 2014.