Revenue and capital boost for large demonstration projects
A £42 million ($22.2 million) UK government programme aimed at funding large-scale demonstration schemes in the wave and tidal energy field has been announced by the Department of Trade and Industry. The announcement sets out for comment the mechanisms to distribute support from the £50 million Marine Research Deployment Fund already released to the sector in early August last year and which aims to see wave and tidal energy contributing to the national grid within the next three years. With a combination of some 15p/kWh (cents 7.9/kWh) in revenue and a 25 % capital grant this announcement will provide emerging technologies with a significant boost.
Full details of the new scheme can be found on the DTI website at: www.dti.gov.uk/energy/renewables/support/index.shtml