A new report reveals that Scotland’s wave and tidal power sector, including the MeyGen project in the Pentland Firth, could generate £8 billion for the economy over the next 25 years. By 2050, this growing industry has the potential to create over 15,000 jobs, offering high-value employment opportunities, particularly in coastal communities across the Highlands and Islands. With increasing momentum behind marine energy, investors are being urged to recognise the scale of the opportunity in this emerging sector.
The report, titled The Future Economic Potential of Tidal Stream and Wave Energy in Scotland, was commissioned by Wave Energy Scotland and Scottish Enterprise. Conducted by the University of Edinburgh’s Policy and Innovation Group, the study quantifies the significant role marine energy could play in Scotland’s economic landscape. Industry body Scottish Renewables welcomed the findings, calling them a much-needed boost for the sector.
Stuart Black, Chief Executive of Highlands and Islands Enterprise (HIE), reinforced Scotland’s leadership in renewable energy, highlighting two decades of advancements in the field. He emphasised that the Highlands and Islands region remains at the forefront of marine energy development, with continued efforts to secure long-term economic benefits for both the region and the nation.
A major milestone in Scotland’s tidal energy sector was achieved in December when the MeyGen tidal energy site reached full operational power. Parent company Simec Atlantis Energy (SAE) successfully deployed its fourth 1.5MW turbine, bringing the project’s total renewable power generation to 6MW. Since its initial deployment in 2016, the MeyGen turbines have undergone several upgrades to enhance efficiency and reduce costs, reinforcing the commercial viability of tidal energy.
The report presents a scenario where Scotland could support up to 8.8 gigawatts of marine energy by 2050. Across the UK, deployments could reach 12.6GW, with the potential to expand to an astonishing 300GW globally. Such growth positions Scotland as a key player in the global marine energy sector, offering significant investment potential.
Maggie Olson-Jow, policy manager for offshore and new technologies at Scottish Renewables, underscored the vast potential within Scotland’s waters. She described the report as a crucial signal to investors, demonstrating the sheer scale of the opportunities available in wave and tidal energy. Scottish Renewables remains committed to working alongside both the Scottish and UK governments to secure further support and funding, ensuring marine energy plays a vital role in the country’s clean energy future.
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
