UK sets strong example with revenue support for 40 MW of tidal stream
Ocean Energy Europe applauds the announcement of the first-ever tidal stream auction winners under the UK’s Contracts for Difference (CfD) scheme. The winning projects – Orbital Marine Eday 1 & 2, Morlais Magallanes and Meygen Phase 2 – will together generate over 40 MW of electricity for British homes and businesses.
With its £20m (€23m) commitment for the sector, the UK joins Canada and France in providing revenue support to unlock the huge potential of the innovative ocean energy industry.
By awarding contracts to three projects, the government also ensures healthy competition and large-scale growth potential across several tidal technologies.
For the tidal industry’s progress to be sustained, it is vital that the UK government creates long-term visibility by continuing to include ringfenced allowances in future allocation rounds.