The UK government has announced its biggest investment in a generation into tidal power, kickstarting a new chapter for the UK’s tidal energy industry.
The UK Government will invest £20 million per year across the UK in tidal stream electricity as part of its flagship renewable energy auction scheme. This will strengthen energy security by adding to our diverse, renewable electricity supply and create jobs across the UK’s coastal communities.
As part of the fourth allocation round of the Contracts for Difference Scheme due to open next month, the UK Government will ensure that £20 million per year will be ringfenced for tidal stream energy projects, giving the marine energy sector a chance to develop their technology and lower their costs in a similar way to the offshore wind industry. This will bring the total funding for this allocation round to £285 million per year UK wide.