12 Nov 2008 05:11:27
Wave, tidal energy worth £190bn a year
The UK is the best placed European country to take advantage of marine power which could be worth £190 billion a year, according to analyst Frost & Sullivan.
In terms of both activity and support to the sector, the UK is a "clear leader" in marine power, which the analyst claims could meet ten per cent of the world's electricity needs.
The UK also has half of Europe's wave energy potential.
According to the analyst, the marine sector has been "resuscitated" by the focus on climate change, energy security and rising oil prices.
"After the loss of interest in the sector following the fall in oil prices in the 70s, marine energy has now been given a new lease of life," said Frost & Sullivan research analyst Gouri Nambudripad.
Wave and tidal stream projects could have annual revenues of between £60 billion and £190 billion, the firm claimed.
It also said that the ocean could provide 20 per cent of the UK's energy needs.
One of the biggest obstacles to the development to potential of the marine sector is that other renewable energy sources have mature technologies already in place.
However, it claims private investors are showing interest in the sector.
Another supporter of the industry is Scotland's prime minister Alex Salmond who has a vision of his country as the worlds marine power Saudi Arabia.
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