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Wave and tidal big winners following renewable energy funding review

Government support for wave and tidal stream renewable is set to increase by up to 250% following its Renewable Obligation Certificate (Rocs) banding review unveiled yesterday.

The Department for Energy and Climate Change will increase its financial support for wave and tidal schemes under 30MW by 250% to five Rocs to help encourage the technology. The increased support also brings it in line with the Scottish government’s rate of subsidy.

Renewable energy firm Pelamis Wave Power chief executive Per Hornung Pedersen welocomee the news. “We are on the cusp of making wave energy a commercial reality and this new government commitment will be warmly welcomed by industry and customers alike,” said Pederson.

However, solar support will be reduced by 20% by 2016, against the industry’s hopes that subsidies would be ramped up now and the drastically reduced towards 2017 when the cost of photo-voltaic panels is also expected to reduce.

The government’s full banding review can be found here.

What they said: reaction from industry

  • The UK’s largest trade body Renewable UK said any reduction to financial support will have an impact on deployment but recognises the need to drive down costs across the sector, especially offshore.
  • Trade body Renewable Energy Association chief executive Gaynor Hartnell said there is “great relief” that the review has been published and the change in subsidy rates has not been drastic.
  • Solar Trade Association solar PV adviser Ray Noble said: “We’re perplexed by these RO banding proposals which show no sensitivity to the unique characteristics of solar and aren’t structured to support the development of the UK industry… We’re deeply concerned Decc doesn’t understand mass market technologies like solar and we will redouble our efforts to explain during the consultation period.”

 

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