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£600 billion market predicted for marine renewables

LA HAVRE, France, February 1, 2006 (Refocus Weekly magazine) -- Marine energy could generate 20% of Britain's electricity and a global business opportunity worth £600 billion, estimates a UK consulting firm.

"The technologically recoverable natural resource presented by wave and tidal energy could be a long-term global business opportunity for European industry worth at least £600 billion (US$1 trillion)," says Benoit Dal Ferro of the energy consulting firm Douglas-Westwood. "This could be a commercial opportunity for Europe on the scale of the Airbus project."

The UK wants to reduce GHG emissions by 60% by 2050 compared with 1990 emissions, and France is committed to reducing emissions by a factor of four during the same time frame, according to background prepared for the second French-British seminar on marine renewable energy in Le Havre. Dal Ferro delivered the keynote address, drawing from D-W's 'World Wave & Tidal Database' of future projects.

"Whilst it is too early to predict the long-term economics of wave and tidal power generation, Europe has access to a major natural resource and excellent technology which may soon deliver commercially viable electricity supplies," he said. "The prospects of an entirely new industry with the associated job creation means wave and tidal power is becoming hot on the agenda, with some experimental devices already in the water and prospects for significant cost reduction."

"The scale of the opportunity is huge and, despite shadow areas, wave and tidal has the potential to deliver a substantial share of global electricity demand," he explained. "Significant gaps remains in our understanding of W&T economics but all indicates that W&T is probably an excellent market opportunity."

"W&T will not happen without significant quick-start support and the risk is to loose (again) a good opportunity to global competitors," he cautioned. "All parameters are at or close criticality; the time for choice is now."

Security of supply probably is the most important consideration for policy makers in Europe and, for three years, Douglas-Westwood has been "warning over the considerable threat that Europe faces over its growing dependence on Russian gas for power generation," he said. "Development of the infinitely renewable wave and tidal power resource should play a part in Europe's response."

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