The UK’s annual renewable auctions have achieved an impressive pipeline of tidal stream capacity, thanks to the ringfence introduced for the technology in 2022. The first ringfence secured over 40MW of tidal stream capacity, and the second achieved more than 50MW.
The ringfence has already made a significant impact. Companies like HydroWing have opened offices in north Wales for their projects, SAE Renewables is set to deliver the world’s largest project in the Pentland Firth, and investment in the marine energy supply chain is growing across the UK.
Tidal stream turbines are being deployed with over 80% of their content sourced from the UK supply chain. The Marine Energy Council (MEC) aims to ensure that UK content is a staple in projects both within the UK and internationally.
The Government has announced an increase in the tidal stream ringfence for this year’s renewable auction from £10m to £15m. This marks the third consecutive renewable auction with the ringfence and is anticipated to secure an additional 25MW of tidal stream capacity for the UK’s deployment pipeline.
Sue Barr, Chair of the MEC, praised the announcement, highlighting the UK Government’s international leadership in raising the tidal stream ringfence to £15m. She emphasised the importance of this move in realising the potential of this highly predictable renewable energy resource. Barr believes that the UK has the capability to lead the world in utilising tidal power and exporting tidal stream technology globally. She also noted the Government’s ambition to transform Britain into a clean energy superpower, with tidal stream technology playing a key role in achieving this mission.
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.
