The UK government’s announcement will assist to unlock the potential for a thriving UK tidal power sector, with the funds supporting maritime technologies that might benefit the entire country.
As part of the fourth allocation cycle of the contracts for difference (CfD) system, which will open on December 13, 2021, the UK government will ensure that £20 million per year is ringfenced for tidal stream projects.
According to the government, this will help the maritime energy industry to improve technology while also lowering prices, and the total funding for this CfD allocation cycle will now be £285 million each year.
“We anticipate marine energy to follow in the footsteps of other renewable technologies, which have seen significant cost reductions in recent years as a result of UK government support,” said Kwasi Kwarteng, the UK’s business and energy minister.
Improved capability for tidal energy production
Today’s investment gives tidal power a big push to become a critical element of the next generation of renewable electricity projects needed to increase energy security and QED Naval with their expertise has been doing an ongoing process of experiencing the impact of climate change with extreme weather impact on the environment with their intent to lessen the country reliance on volatile fossil fuels to prevent further Global warming from having a devastating impact on the environment.
QED Naval is delighted with the UK Government’s announcement to support and fund the tidal sector. Its £20 million per year investment in tidal energy is a ‘game-changer’ which will unlock the potential for developing the UK tidal power sector. This will benefit the country in many ways by creating jobs, bringing predictable energy to our grid and will be a lasting legacy.
QED with its Subhub and Tocardo turbine technology has aligned itself for this global market opportunity and is currently seeking strategic partners to be part of the journey.
In an incredible journey to date QED has landed EU Interreg funding, a showcase €46m TIGER project; and acquired the Dutch flag ship OTP dam project, the world’s largest tidal turbine array.
The business community exhales a sigh of relief.
The UK’s investment in tidal energy today underscores the country’s commitment to developing a robust, domestic renewable energy sector in order to lessen its dependency on volatile fossil fuels while also creating green employment.
The impact of this assistance cannot be overstated. “This dedicated ringfence will protect all UK homes and markets, stimulate decarbonisation, and assist the development of tidal stream energy, leading in more export opportunities, green jobs, and economic success”