The British government has reaffirmed its commitment to spend £730m per annum on renewable electricity projects and confirmed that the second Contracts for Difference (CfD) auction will open for less established technologies in April 2017.

This will allow companies to compete for the first £290m worth of contracts for renewable electricity projects. The goal is to deliver enough renewable electricity to power around one million homes and reduce carbon emissions by around 2.5 million tonnes per year from 2021/22 onwards.

However, more clarification is needed for alternate renewable solutions such as the wave and tidal sectors. Unlike the previous auction, there has been no budget ring-fenced for marine energy projects.

Rémi Gruet, CEO, Ocean Energy Europe, said:

“Clarity is needed on how support will be ring-fenced for emerging technologies. These cannot be expected to compete from day one with more established industries, who have driven down costs by deploying volumes.”

“The economic opportunity presented by wave and tidal is significant, and should be an integral part of the UK’s and Europe’s industrial strategy.”

Seawork 2017 will be hosting key market influencers to discuss the implications and impact of the renewables marine sector as part of our conference sessions. Find out more at www.seawork.com