The ocean energy sector accelerated in 2023, according to the latest statistics released today by Ocean Energy Europe.
According to the trade body 137MW of tidal and wave energy projects will seek deployment in the next five years thanks to EU funding and national revenue support.
France and the UK have now implemented per/kWh support for tidal farms, increasing the current tidal pipeline to 127MW over the next five years.
“This is a major step forward but the continuation of the UK CfD ringfence and the implementation of the commercial tidal tenders announced by French President Macron are vital to cement the industrialisation of the sector,” stated Ocean Energy Europe.
Wave energy is reaching high levels of technological readiness, as demonstrated by private investments into current projects.
“Unwavering EU funding helped improve full-scale prototypes and spurred the first pilot farms.
“However, wave energy will ultimately need the same kind of national revenue support as wind, solar, and now tidal to become a new European industrial success story,” stated the group.
Remi Gruet (pictured), CEO of Ocean Energy Europe, said: “Revenue support at national level creates bankability for projects and market visibility for investors.
“It is the main driver for private investments, a message OEE has been consistently passing and which is once again reflected in facts and figures.
“Coupled with EU-level investment support – still needed for pilot and pre-commercial projects – it is kick-starting the industrialisation of the sector.”
Claire Mack, Chief Executive of Scottish Renewables, said: “The latest statistics released by Ocean Energy Europe show clearly that the UK’s marine energy industry has a bright future and it is encouraging to see the projects we have in development making such substantial progress towards commercial deployment.
“We have high hopes that a significant number of these projects will be successful in Contracts for Difference Allocation Round 6, the results of which will be announced later this year.
“Scotland will welcome the Ocean Energy Europe conference later this year and I look forward to working closely with all the key players in the industry on how we can create a thriving marine energy economy with multiple projects deployed at scale around the UK coastline.”