Home Somerset county Government announces £ 20million for tidal power projects

Government announces £ 20million for tidal power projects

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Tidal power will be supported by an investment of £ 20million per year as part of the move away from fossil fuels.

The ministers hope that the funding earmarked for tidal projects will help the industry to grow and reduce costs in the same way as offshore wind energy.

Business Secretary Kwasi Kwarteng said tidal power could become a key component of the “next generation of renewable electricity projects”.

But the Scottish National Party said the funding pledged was more than £ 50million less than what was needed for the industry.

The ad is part of the Contracts For Difference (CfD) renewable energy auction, which guarantees generators a minimum price for each megawatt hour of electricity they produce.

The £ 20million for tidal projects brings the total CfD funding for renewables in this round of allocations to £ 285million.

Mr Kwarteng said: “As an island nation, we are uniquely positioned to capitalize on clean marine energy, building on our booming offshore wind sector, which is now a UK industrial success story.

“We hope to see marine energy follow in the successful footsteps of other renewable technologies, where we have seen costs drop significantly in recent years thanks to support from the UK government.

“Today’s investment provides a major boost for tidal power to become a key component of the next generation of renewable electricity projects needed to strengthen energy security as we work to reduce our dependence volatile fossil fuels. “

SNP Westminster chief Ian Blackford said the funding announcement was a ‘partial Tory U-turn’ on support for Tidal programs, but ‘it doesn’t go far enough’.

“The minimum required was a ring-fenced fund of at least £ 71million,” he said.

Business Secretary Kwasi Kwarteng said the government hopes marine energy will follow in the successful footsteps of other renewable technologies (Chris Jackson / PA)

“The tide has the potential to be a major Scottish achievement and a key part of the renewable energy revolution in Scotland – but it can only thrive properly if the UK government provides the scale of funding required.

“The UK government must stop hampering this vital green industry.”

Dan McGrail, Managing Director of the Renewable UK Trade Association, said: “Tidal stream funding not only unlocks private investment and secures green jobs today, it also puts us in pole position. to capitalize on exports to the world market in a timely manner. That’s why we asked for this dedicated tidal energy funding pot.

“We need a range of renewable technologies to reach net zero as quickly as possible. As an island nation with superb tidal energy resources to tap into, it is clear that the tidal current should have a key role to play in our transition to clean energy.