Source · Select Committees · Business, Innovation, Science and Trade Committee
Recommendation 18
18
Paragraph: 87
Reduced tidal stream funding ringfence may damage UK marine energy advantage.
Recommendation
We agree that the Government should seek to maximise the renewable opportunities afforded by the UK’s geography, including the potential benefits of tidal energy. Unlike offshore wind, tidal stream projects have not benefited from stable subsidies to bring their costs down. The Government’s recent decision to reduce the tidal steam ringfence from £20 million to £10 million in the upcoming round of Contracts for Difference scheme may damage the UK’s first-mover advantage in marine energy and increase project costs. However, we recognise that support must provide value for money for taxpayers.
Paragraph Reference:
87
Government Response
A response document is linked to this report, dated 14 July 2023. Response attribution to this recommendation has not been verified. Read the response document ↗