Tidal energy will be backed by £20 million a year of government investment as part of a shift away from fossil fuels. Ministers hope that the ringfenced funding will help the industry develop and reduce its costs in a similar way to offshore wind power. Kwasi Kwarteng, the UK business secretary, said that tidal power could become a key part of the “next generation of renewable electricity projects”. However, the SNP said the promised funding fell more than £50 million short of what was required. Ian Blackford, the SNP’s Westminster leader, said that the announcement of the funding was a “partial Tory U-turn” over support for tidal schemes but “it does not go anywhere near far enough”. He added: “The minimum required was a ringfenced fund of at least £71 million.
Times 25th Nov 2021 read more »
THE UK Government has announced new funding for Scotland’s tidal stream industry after months of pressure from the SNP. Speaking in the Commons during PMQs, Boris Johnson said £20 million of ringfenced investment would be made available in the upcoming Contract for Difference funding round. However, the SNP’s Westminster leader Ian Blackford has pointed out that the cash falls far short of the £71m called for by the industry. The MP said the announcement “does not go anywhere near far enough to ensure tidal stream energy can reach its full potential”.
The National 24th Nov 2021 read more »
UK government announces biggest investment into Britain’s tidal power. The UK government is backing tidal energy as part of its flagship renewable energy auction scheme, announcing today its biggest investment in a generation into tidal power. UK government announces biggest investment in a generation into tidal power, kickstarting a new chapter for the UK’s tidal energy industry. This will strengthen energy security by adding to our diverse, renewable electricity supply and create jobs across the UK. Today’s investment in tidal energy further demonstrates the UK’s commitment to build a strong, home-grown renewable energy sector to reduce our reliance on volatile fossil fuels. The UK government will invest £20 million per year in Tidal Stream electricity as part of its flagship renewable energy auction scheme, kickstarting a brand-new chapter for the tidal industry and creating jobs across the UK. Today’s announcement (24 November 2021) will unlock the potential for a thriving UK tidal power sector, with the cash boost supporting marine technologies which could benefit the whole of the UK. As part of the fourth allocation round of the Contracts for Difference Scheme due to open next month, the UK government will ensure that £20 million per year will be ringfenced for Tidal Stream projects, giving the marine energy sector a chance to develop their technology and lower their costs in a similar way to the UK’s world-leading offshore wind industry. This will bring the total funding for this allocation round to £285 million per year.
BEIS 24th Nov 2021 read more »
Government announces £20 million for tidal power schemes. Business Secretary Kwasi Kwarteng said that as an island nation, the UK was ‘perfectly placed to capitalise on clean marine energy’. Tidal energy will be backed by £20 million-a-year of Government investment as part of the shift away from fossil fuels. Ministers hope the ring-fenced funding for tidal stream projects will help the industry develop and reduce its costs in a similar way to offshore wind power. Business Secretary Kwasi Kwarteng said tidal power could become a key part of the “next generation of renewable electricity projects”. But the Scottish National Party said the promised funding fell more than £50 million short of what was required for the industry.
Evening Standard 24th Nov 2021 read more »
Tidal power funding offers lifeline to marine energy developers. Government sets aside £20m a year after heavy lobbying by the sector and mounting political pressure. The UK government has ring fenced support for tidal power projects. Developers had warned the government’s continued refusal to ring-fence funding for the tide at next month’s major renewable energy auctions would be fatal
to the emerging ocean energy sector. UK companies are world leaders in tidal power development Orkney Scotland has both the world’s first commercial offshore turbine array and the largest individual turbines. However, the sector is struggling to secure funding as it competes with much cheaper and more mature technologies, such as offshore wind power at government contract auctions.
FT 24th Nov 2021 read more »
Energy Voice 24th Nov 2021 read more »
Government hails ‘biggest investment in a generation’ in tidal stream power, as it ramps up total renewables funding to £285m in upcoming auction round. The government is to invest £20m a year in tidal stream power projects through its flagship renewable energy auction scheme, in a major vote of confidence in the UK’s fledgling marine energy sector. Ministers today confirmed that as part of the fourth allocation round of the Contracts for Difference (CfD) scheme, which is due to open next month, £20m a year will be ringfenced for use by tidal stream power projects, in a move that has long been called for by the marine energy sector. The government described the £20m funding as “the biggest investment in a generation” in tidal power, predicting the move would boost jobs in coastal communities while also helping drive down the cost of a technology that could provide reliable, clean electricity in support of the UK’s climate targets. The funding comes on top of that already set aside for other forms of renewables in the upcoming allocation round, bringing the total amount in the auction to £285m per year, according to the Department for Business, Energy and Industrial Strategy (BEIS). Ringfencing funding support for tidal power will give the marine energy sector a chance to develop its technology and lower costs in a similar way to the UK’s offshore wind industry, which has achieved rapid reductions in development and technology costs through the CfD scheme.
Business Green 24th Nov 2021 read more »