RenewableUK has called into question the £20m marine energy fund announced by Minister Greg Barker. They say the amount is insufficient if Britain wishes to secure its position as the world leader in marine energy and that other measures are needed to ensure the industry becomes financially viable.
Maria McCaffery, Chief Executive of RenewableUK, warned the UK risked losing out internationally: “We want to work with the Government to ensure that the extraordinary innovations Britain has achieved in this dynamic new industry are not lost to our foreign competitors.
The trade association are demanding a further £60 million from the Green Investment Bank, support from new regional enterprise zones, and a 5 ROCs per Mwh level to be set.
Ms McCaffery said: “Overall, the first generation of marine energy projects is likely to cost £80 million per 10 MW scheme, and we need at least 3 or 4 projects to drive costs down and achieve the best technical solutions to maintain our premier global position in this field. So £20 million is a good start – but it’s only a drop in the ocean”.