Wave power technology development company Marine Power Systems (MPS), based in Swansea, have published their report Making Wave Power Work in which they claim that the UK could be the driving force in developing Europe’s wave and tidal power industry, which could be worth £46bn per annum.
If governments and business work together to exploit Europe’s marine energy opportunities, wave power alone has the potential capacity to generate up to 10% of global electricity demand by 2050. Political stability and the ability to raise finance will be essential to achieve these aims, states the report. As an island with a vast coast line, the UK holds a third of Europe’s wave energy potential and the country has already invested £450m in the wave energy sector. Most of this is in Scotland, where a new 30-turbine tidal park, the West Islay Tidal Energy Park, which has the capacity to meet annual electricity demands of around 18,000 homes, was consented last week.
MPS’ managing director Gareth Stockman said:
“The world is rapidly transitioning to a low carbon future. Our vision is for wave power to provide 10% of the world’s electricity by 2050. With stable government policy, steady investment and joined up communications from industry partners, the wave energy industry can become an economic success story, following in the footsteps of more mature renewable technologies such as wind and solar to become a source of reliable, affordable, clean energy.”