Report reveals positive impact of marine energy on Welsh economy

file

The marine energy industry in Wales has contributed £34.5 million (US$51.5 million) and directly created more than 99 person-years of employment, according to a report published by Marine Energy Pembrokeshire.

The report, entitled Marine Energy in Wales: Investment/Jobs/Supply Chain, details the results of a survey carried out to calculate the economic contribution of the sector to date, to understand future development plans, and to determine what this could potentially contribute to the low carbon economy in Wales. The analysis covers wave, tidal stream and tidal range energy.

Investments are quantified at £18.5 million ($27.6 million) for tidal stream energy, £15 million ($22.4 million) for tidal range energy and £1 million ($1.5 million) for wave energy. Combining these amounts with publicly funded Welsh research projects brings the total to £45.5 million ($67.9 million) spent in Wales on the development of marine energy, according to the report.

With regard to employment, the report indicates that if Welsh marine energy-related academic research is added to the 99 person-years figure mentioned above, overall employment rises to more than 174 person-years.

The report also contains a section on development progress and future plans that details work by Tidal Energy Limited at Ramsey Sound and St. David’s Head, Minesto, Tidal Lagoon Swansea Bay, Marine Power Systems Ltd., and Marine Energy Ltd.

“There is no doubt that the marine energy sector represents a once in a generation opportunity to secure a new predictable low carbon economy that will help deliver economic growth, energy security and diversity of supply, and assist in meeting important climate change targets,” said Marine Energy Pembrokeshire Chair Martin Murphy.

Marine Energy Pembrokeshire is a partnership between technology developers, the supply chain, academia and the public sector working together to establish Pembrokeshire as a “centre of excellence” for sustainable marine energy generation.

To view the report, click here.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs