Water Power: Finance
The question
To ask the Secretary of State for Energy Security and Net Zero, whether his Department has made an assessment of the potential impact of innovation funding on the Levelised Cost of Energy of marine energy technologies; and what steps he is taking to support these emerging renewables.
Answered by Michael Shanks
The department has not directly undertaken an assessment of the potential impact of innovation funding on the Levelised Cost of Energy of marine energy technologies,
However, the Offshore Renewable Energy Catapult in their 2018 Tidal Stream and Wave Energy Cost Reduction and Industrial Benefit study examined the potential impact of additional focus on innovation on cost reduction of marine technologies.
The Government continues to provide innovative support for marine energy technologies though a suite of a suite of research funding programmes, including through UK Research and Innovation.
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