Scotland ‘could be wave and tidal energy powerhouse’
SCOTLAND could be on the verge of a wave and tidal energy revolution, according to business advisers Grant Thornton.
As the All Energy Conference and Exhibition, one of the world’s largest energy conventions, gets under way in Aberdeen today, Grant Thornton has said it believes the sector can be trans- formed from today’s “cottage industry”.
It says vast capacity in the s e c t or, combined with rapidly increased investment and political will, could combine to make Scotland a global powerhouse in wave and tidal energy. Scotland has about 25% of Europe’s tidal stream resource.
But the firm also warns that the industry needs to make significant financial returns within the next decade for investment to continue.
Charles Yates, associate director at Grant Thornton, said: “To date, the sector has been something of a cottage industry. Pioneers have been pushing forward for some years but, without the suppor t at s c al e from Scotland’s biggest energy firms and political leaders, it has – until now – remained a commercially unproven technology.”
Mr Yates went on: “The Scottish Government is to be congratulated for its multimillion-pound injection of funds. This public sign of political commitment has been a major encouragement for the big energy firms and universities who are following suit.
“As energy firms and industry leaders from around the world gather in Aberdeen, this is a real opportunity for Scotland to show the world that it’s taking major steps towards a potential renewables breakthrough.”
He said the sector has the money and the expertise, but what was now needed was “for the momentum and political will to continue to push the sector forward as quickly as possible… if Scotland is to become a global wave and tidal energy leader, it needs to start delivery now before the time and investment disappear”.