Tidal stream ringfence to increase from £10m to £15m
Written by UK Marine Energy Council on .
The UK’s annual renewable auctions have secured an unrivalled pipeline of tidal stream capacity. This was enabled by the introduction of a ringfence for the technology in 2022. Over 40MW of tidal stream capacity was contracted through the first ringfence, and over 50MW in the second.
The introduction of a tidal stream ringfence has already had a significant and tangible impact, with companies like HydroWing opening offices in north Wales to deliver its projects, SAE Renewables being poised to deliver the world’s largest project in the Pentland Firth, and investment being secured across the UK in the marine energy supply chain.
Tidal stream turbines are being deployed with over 80% UK supply chain content spend. The Marine Energy Council’s (MEC) ambition is for UK content to be embedded in projects deployed in its waters and around the world.
Today the Government announced it will increase the tidal stream ringfence in this year’s renewable auction from £10m to £15m. This will be the third consecutive renewable auction with the ringfence and is expected to contract an additional 25MW of tidal stream capacity to the UK's deployment pipeline.
Sue Barr, Chair of the MEC, welcomed the announcement:
“The UK Government has demonstrated international leadership in increasing the tidal stream ringfence to £15m. This is an important step forward in realising the potential of this entirely predictable renewable energy resource.
“The UK can lead the world in harnessing the power of its tides, and in exporting tidal stream technology and its expertise around the world.
“The Government's ambition is to make Britain a clean energy superpower. We believe that tidal stream will be a key technology in realising that mission.”
