Marine energy a £2.5 billion boost for Scotland

Developing renewable marine energy in Scotland could add more than 12,000 jobs and £2.5 billion to Scotland’s economy by 2020, according to a new study from the industry-led Marine Energy Group.

The report makes several recommendations to the Government and its partners, calling for:

• The Scottish Government to repeat its Wave and Tidal Energy Support scheme;
• A review of grid infrastructure required to support growth;
• A fresh look at the levels of support available under the renewables obligation; and
• The Treasury to do more to help the sector, including the release of the Fossil Fuel Levy surplus funds to help promote renewables in Scotland.

“With unrivalled marine resources and a range of wave, tidal and offshore wind development already under way, Scotland leads the way in generating energy from the sea,” said Cabinet Secretary for Finance and Sustainable Growth John Swinney, who is in Orkney today visiting with Stromness-based marine energy firm Aquatera. “The £10 million Saltire Prize continues to attract global interest in the marine energy potential around our coast. We also have publicly funded, world-leading testing facilities here in Orkney which are hosting wave and tidal devices built with Scottish Government support.”

Swinney continued, “Marine energy will be key to Scotland’s future energy mix and that’s why we changed our support mechanisms to give greater assistance to wave and tidal energy in Scotland than anywhere else in the UK.

The new report from the Marine Energy Group, Swinney added, confirms that marine energy could be “a huge boost for the economy and a long-term platform for sustainable growth.”

Swinney noted that Scotland’s share of the Fossil Fuel Levy, currently over £150 million, should be unlocked “to allow us to give additional support to our renewables industry, the economy and environment.”

“This report is an excellent example of collaboration in the public and private sectors,” he said. “The recommendations are very much industry-driven and we will consider their views very carefully as we continue to build a world-leading renewables sector.”

Martin McAdam, CEO of Aquamarine Power, also welcomed the release of today’s report.

“The report reflects a consensus across the marine energy industry and a shared vision of how we will drive the industry forward to realise its full potential for Scotland,” McAdam said. “Scotland has a global lead in marine renewable technology but the next step, building and developing commercial wave and tidal farms to prove the long-term viability of the technology, will cost each developer between £30 million and £50 million.”

He added, “Much of this is being raised from the private sector, but at this early stage of the industry, government support is essential.  If the Scottish Government continues to support us, together with the UK Parliament and Europe, we can build an industry to make Scotland proud.”

The Marine Energy Group is part of the Forum for Renewable Energy Development in Scotland, and works to accelerate delivery of a world-leading marine energy industry to promote a sustainable economy and environment in Scotland.