The ocean energy sector surged forward in 2023, fueled by EU funding and national revenue support, according to the latest data released today by Ocean Energy Europe.
Ocean Energy Europe reported that 137MW of tidal and wave energy projects are poised for deployment over the next five years, thanks to a combination of EU funding and national revenue support.
France and the UK have introduced per/kWh support for tidal farms, leading to a surge in the 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 projects are also making significant strides in technological readiness, with private investments driving progress in 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,” the group emphasized.
Remi Gruet, CEO of Ocean Energy Europe, underscored the importance of national revenue support in driving project bankability and market visibility for investors.
“Coupled with EU-level investment support – still needed for pilot and pre-commercial projects – it is kick-starting the industrialisation of the sector,” Gruet said.
Claire Mack, Chief Executive of Scottish Renewables, expressed optimism about the future of the UK's marine energy industry.
“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,” Mack stated.
The Ocean Energy Europe conference, scheduled later this year, is expected to further discussions on creating a thriving marine energy economy around the UK coastline.
