Report on £8bn wave and tidal energy potential hailed as ‘shot in the arm’
Wave and tidal power schemes including the MeyGen project in the Pentland Firth could collectively be worth £8 billion to Scotland’s economy over the next 25 years, according to a new report.
It found that by 2050 the sector could have the potential to support more than 15,000 jobs, including high-value employment in coastal communities around the Highlands and Islands.
Industry body Scottish Renewables described the findings as “a shot in the arm” for marine energy.
The report – The Future Economic Potential of Tidal Stream and Wave Energy in Scotland – was commissioned by Wave Energy Scotland, a subsidiary of Highlands and Islands Enterprise (HIE), and Scottish Enterprise.
It was carried out by the Policy and Innovation Group, part of the Institute for Energy Systems at the University of Edinburgh.
Welcoming the report, HIE chief executive Stuart Black said: “We’ve known for some time that the economic potential of marine energy for our economy is huge, and it’s great to have this quantified in a meaningful way by this University of Edinburgh report.
“Scotland, and particularly the Highlands and Islands region, has been at the forefront of renewable energy development over the past 20 years or more.
“We will continue to work hard and with our partners in the public sector and industry to make sure we stay ahead of the game and secure these economic gains for our region and our country.”
In December it was reported that the MeyGen tidal energy site had reached full power for the first time. Parent company Simec Atlantis Energy (SAE) announced it had successfully deployed its fourth 1.5MW turbine, meaning the project is now delivering 6MW of renewable power.
Since deployment in 2016 the turbines operated by MeyGen have undergone several upgrades and enhancements to increase system efficiency and cost reduction, SAE said.
The new study combines the findings of separate reports on tidal stream and wave energy commissioned by Scottish Enterprise and Wave Energy Scotland. It presents a scenario where there is an estimated Scottish market for up to 8.8 gigawatts of marine energy by 2050, with potential deployments of up to 12.6GW throughout the UK and up to 300GW globally.
Maggie Olson-Jow, policy manager for offshore and new technologies at Scottish Renewables, said: “The energy contained in Scotland’s seas is a vast and relatively untapped resource.
“The University of Edinburgh’s report highlighting the potential economic opportunity of wave and tidal energy should come as a shot in the arm to the marine energy sector and show investors the scale of the prize that is ready to be grasped.
“Scottish Renewables will continue to work with both the Scottish and UK governments to build support and secure funding for these technologies, which deserve to take their place in the UK’s clean energy toolbox.”
