Marine Energy Pembrokeshire Economic Evaluation
A report ‘Marine Energy in Wales – Investment, Jobs, Supply Chain’ completed by Marine Energy Pembrokeshire (MEP) highlights the compelling economic benefits created by the marine energy sector in Wales to date. The report, launched at the Marine Energy Pembrokeshire Annual Industry Seminar in March 2015, highlights the positive impact of the marine energy industry on the Low Carbon Economy in Wales, providing green jobs and growth in a challenging economic climate.
In terms of total investment in Wales to date, Wave and Tidal technology developers have already spent over £34.5 million. When this is combined with marine energy research carried out by Welsh universities the figures rises to £45.4 million.
Employment benefits are also substantial; marine energy technology developers and associated Welsh project development has directly created 99 person years of employment so far. Alongside Welsh marine energy related research, this figure rises to over 174 person years of employment.
Encouragingly, the Welsh Supply Chain has been involved in this new sector at levels of almost 50% of expenditure for tidal stream and 60% for wave energy. Mustang Marine Ltd has built and assembled Tidal Energy Limited’s DeltaStream device at its facilities in Pembroke Port, demonstrating that Wales is continuing to accumulate the required skills and experience in the marine renewables sector. It is important to remember that these are direct impacts. The contribution is increased when total gross value effects are included in the wider supply chain.
To view the report, click here, or click on the image to the right.