National-level revenue support is “essential” if marine renewables including tidal, wave and ocean thermal power are to fulfill their potential to together generate 10% of Europe’s electricity consumption by mid-century, according to a new study from advisory body ETIP Ocean.
The report, Powering Homes Today, Powering Nations Tomorrow, concludes the route to industrial roll-out for the sector would have to be underpinned by competitive auctions with reserved ‘pots’, feed-in-tariffs or tax credits for private power purchase agreements, along with ‘blended’ public finance that would support a breakthrough round of ocean energy projects achieving financial close.
