Research

 

World class research taking place in Wales

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Funding

 

€100.4 million EU structural funds prioritised for marine energy in Wales

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Consenting Guidance

 

To assist with the application process for marine licences

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The Economic Impact of the Development of Marine Energy in Wales

Regeneris Consulting and the Welsh Economy Research Unit at Cardiff Business School were appointed by the Welsh Government to undertake an assessment of the potential economic contribution of marine energy to Wales. The report examines the economic benefits for Wales from future development of the sector using three illustrative timeline scenarios:
 
Scenario 1: A 30MW wave installation and a 30MW tidal stream installation
Scenario 2: 300MW in marine energy capacity (two 30MW wave installations and eight 30MW tidal stream installations, reflecting the relatively advanced state of tidal energy)
Scenario 3: 1GW of marine energy capacity (250MW of wave and 750MW of tidal energy)

Economic Impact Results: Operational phase

Scenario 1: of development has the potential to support over £70m of GVA across Wales, with this including on- and off-site economic activity (based on total investment in Wales of the order of £150m in 2013 prices)
Scenario 2: delivers just over £300m of GVA for Wales, with the economic impact per megawatt declining somewhat (from £1.2m in Scenario 1 to £1m) as cost reductions come further into play (based on total investment in Wales of over £500m in 2013 prices).
Scenario 3: The final, very substantial roll out of 1GW in wave and tidal delivers £840m of GVA impact on Wales (based on total investment in Wales of the order of £1.5bn in 2013 prices).

Economic Impact Results: Development and Installation

Scenario 1: with 60MW in operation, we estimate a total of £2m in GVA and 50 FTE jobs per annum would be supported across Wales throughout the period of generation.
Scenario 2: the 300MW of capacity would support £7.8m in GVA and 180 jobs per annum across Wales.
Scenario 3: Economic impacts increase with the scale of installation. For the 1GW Scenario 3, we estimate that £20m of GVA and 440 FTE jobs per annum are supported across Wales through generation activities.

To download the full report, click here.