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OEE statement on UK CfD announcement: Time to set tidal on the same path as offshore wind

Today, the UK announced the results of its second allocation round of Contracts for Difference (CfD) for less established renewable energy technologies. Through this support mechanism, wave energy and tidal energy were asked to compete on price with sectors such as offshore wind, which has had 20 years to develop its technology and a supply chain, and lower costs.

Rémi Gruet, CEO of Ocean Energy Europe hailed the cost reduction achievement of the offshore wind industry, and called for a mechanism to take ocean energy in the same direction:

“This demonstrates emerging industries can achieve significant cost reductions when offered early support and long term visibility on volumes. It’s time for the UK to set tidal along the same path.

The French tidal market is moving forward and looking very positive, and the EU has put considerable support in place through Horizon 2020, NER300 and the EIB. UK tidal developers have already demonstrated significant cost reductions and a dedicated mechanism to take them to commercial readiness is now needed.”

For more info on the UK CfD announcement: https://www.gov.uk/government/publications/contracts-for-difference-cfd-second-allocation-round-results