Gov’t announces biggest tidal power investment
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.
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.
Business and Energy Secretary Kwasi Kwarteng said, “As an island nation we are perfectly placed to capitalise on clean marine energy, building on our booming offshore wind sector which is now a British industrial success story.
“We hope to see marine energy follow in the successful footprints of other renewable technologies, where we’ve seen costs fall dramatically in recent years thanks to UK government support.
“The investment today provides a major push for tidal power to become a key part of the next generation of renewable electricity projects needed to strengthen energy security as we work to reduce our dependency on volatile fossil fuels.”