The tidal stream sector could generate benefits worth £1.4 million for the UK economy by 2030.
New assessment by the Offshore Renewable Energy (ORE) Catapult shows the marine energy industry could meet the requirements of the government’s “triple test” – achieving maximum carbon reductions, showing a clear cost reduction pathway and demonstrating the UK can be a world leader in a global market.
It found the tidal stream sector has the potential to “significantly” reduce costs from around £300/MWh currently to below £90/MWh within 1GW deployment, with further reductions possible with additional focus on innovation.
It adds around 4,000 jobs could be supported by 2030 and 14,500 by 2040.
The report states tidal stream requires an immediate route to market via revenue support to enable volume deployment, standardisation and the application of existing innovation activity as well as ongoing research and development funding to further enhance the technology.
It also suggests marine energy technologies have the potential to displace coal and natural gas generation on the grid and reduce emissions.
Dr Stephen Wyatt, ORE Catapult’s Research & Innovation Director adds: “The findings of our research are encouraging, with the potential for significant economic benefits to be realised from the UK marine energy resources.”