A new report has been released by UK based marine energy consulting and engineering firm IT Power Limited, to help new companies assess the UK tidal energy market and understand how to develop a project in UK waters.
The UK Tidal Energy Market Entry 2013 Report delivers essential insight into every aspect of the UK tidal energy industry – government policy, economics, environmental impacts, technical developments, supply chain support, resource availability and infrastructure.
It also provides analysis and projections on the future growth of the sector in the UK, alongside the views from other industry bodies, helping companies to decipher the project development process and take a decision on when is best to enter the UK market.
Readers of the report will benefit from insight on the UK environmental consenting process, from IT Power’s first-hand experience working with the Marine Management Organisation (MMO) and The Crown Estate. It also outlines the current status of tidal energy technology and project development in the UK, as well as explaining what funding opportunities are available.
In particular, the report provides clarity on the different types of capital grant funding and revenue support mechanisms, with details on both current and past grants. It includes a detailed analysis and discussion on the current Renewables Obligation and what the new Electricity Market Reform will mean for funding tidal energy projects post-2017.
Joe Hussey, Head of Marine Energy at IT Power explains, “We’ve worked for several international private sector clients advising on the techno-economic feasibility of their technologies as well as market entry strategies and possible sites in the UK. Before working with us, they have struggled to get insider knowledge on developing projects in UK waters.”
IT Power has been designing and developing marine energy solutions since 1992. Over the past 20 years, they have delivered 60 marine energy projects and are currently consulting to several international companies seeking to develop projects in UK waters, as well as advising the Chinese and Korean governments on their ocean energy delivery plans.
When discussing their long history, Mr. Hussey added, “As technical consultants we understand the intricacies of developing marine energy technologies, having worked on several large projects including Marine Current Turbine’s first commercial scale turbine, Seaflow, in 2003, and the Pulse Stream 100 in the Humber Estuary in 2009. Assessing a market from the inside out is the first critical step to develop a project.”
Commenting on the future of the UK tidal energy market, Joe Hussey stated that “The UK offers a brilliant and exciting opportunity for tidal energy project development. The excellent resource, infrastructure and growing supply chain are being met by a more streamlined consenting process to help deliver projects. Timing is everything in this industry. In the future there will be less grant availability, as we’re already seeing, so for companies wanting to understand what this market holds for them, it’s best to seize the opportunity as soon as possible.”
Making informed decisions will help companies to quantify their entry into the UK tidal energy market. The executive summary of the UK Tidal Energy Market Entry 2013 Report is available to download at www.itpower.co.uk/tidal-report alongside full details of the report.