MP welcomes £20 million of UK Government investment in tidal stream electricity
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David Duguid MP has welcomed £20 million of UK Government investment in tidal stream electricity.
The announcement will unlock the potential for a thriving UK tidal power sector, with the cash boost giving the marine sector a chance to develop their technology and lower their costs in a similar way to the UK’s offshore wind industry.
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, bringing funding for this allocation round to £285 million per year.
Over time marine technologies have the potential to significantly contribute to Scotland’s decarbonisation commitments and will support hundreds of green jobs across the country.
David Duguid, the Conservative MP for Banff and Buchan, who met the UK Marine Energy Council to discuss the benefits of the funding boost, said: “I welcome this substantial UK Government investment which once again highlights our commitment to Scotland’s renewable energy sector.
“The marine energy sector has real potential to help create a world-leading clean energy industry, supporting the transition to a greener future while providing a boost to the local economy and community.
“This funding announcement underlines the UK Government’s commitment to making the sector an important part of the UK’s renewable energy mix.
“I was delighted to meet with the UK Marine Energy Council who have wholeheartedly welcomed this news.”
Business and Energy Secretary Kwasi Kwarteng added: “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.”
Chair of the UK Marine Energy Council, Sue Barr, said: “The impact of this support cannot be overstated.
"Here in the UK we have the knowledge, skills, people and projects to lead the world in marine energy, but we have been missing a vital piece of the puzzle to unlock investment and allow the sector to scale-up and deliver.”