British Government To Remedy Flawed Marine Renewable Funds

The British government announced that it had not yet handed out any of the funds from a £50 million marine development fund established in 2004. The announcement sharply contrasts with the Government’s previous promises to establish Britain as a global leader for tidal and wave power.

Several companies have criticized the strict rules for the Marine Renewable Deployment Fund claiming that it is extremely difficult to receive approval for funding. The Department of Energy and Climate Change is in charge of handing out the funds and adheres to stringent guidelines

“As yet there have been no projects which have met the necessary requirements [of the MRDF],” the Department of Energy and Climate Change told the Observer, however they promised that new changes in the British government’s renewable energy strategy, will improve the situation.

A £22m Marine Renewables Proving Fund has been established to aid marine power companies in their acquisitions to receive government funding. The Marine Renewable Deployment Fund currently requires companies to show that they have operated their prototypes for at least three months before receiving money.  This new fund would aid companies in developing those prototypes.

The energy department also plans to make up for lost time by granting £9.5m to the Wave Hub wave power system being tested off of Cornwall, and an additional £8m for the European Marine Energy Centre in the Orkneys.

Special thanks to www.guardian.co.uk for the above quote, for more information please see the article on their website.