Carmichael welcomes 50% uplift in tidal stream energy funding

Orkney and Shetland MP, Alistair Carmichael, has today welcomed the announcement of a 50% uplift in ringfenced funding support for tidal stream energy. The government has announced that it will increase the tidal stream ringfence in this year’s renewable auction from £10m to £15m. This will be the third consecutive renewable auction with the ringfence under Contracts for Difference, and is expected to contract an additional 25 megawatts of tidal stream capacity to the UK’s deployment pipeline. Mr Carmichael welcomed the news as a “vote of confidence” in the tidal stream industry, which supports jobs and economic growth in the Northern Isles through projects in both Orkney and Shetland.

Mr Carmichael said:

“While there is still more we need to see from the government in terms of support for tidal stream energy – and we need to go much further and faster in rolling out this technology – the 50% increase in the ringfence announced by the government is significant. This is a vote of confidence in tidal stream developers, including those operating in the isles. Growth in this industry means jobs and investment for the Northern Isles.

“Tidal stream renewables are now a vital part of the Contracts for Difference framework. These technologies have the potential to play a crucial role in green energy generation in the UK, filling a niche that other forms of energy cannot. Other countries recognise the potential of tidal stream so even with the progress we have made we cannot afford to be complacent. It is in the hands of the government to think of the long term and protect our leading position.”