ROCs decision will boost tidal stream energy investment says Neptune Renewable Energy
Neptune Renewable Energy has said it will move forward with added confidence after the announcement from the Department of Energy and Climate Change.
The government has more than doubled the subsidies for tidal stream and wave energy through its Banding Review for the Renewable Obligation scheme, the main mechanism for supporting large-scale renewables.
The banding levels have been set this morning. Tidal stream energy, which previously attracted 2 Renewable Obligation Certificates (ROCs), now attracts 5 ROCs up until 2017.
Jack Hardisty, Neptune Renewable Energy’s technical director, said that it would create the certainty needed for further investment in the sector.
“Naturally we fully endorse the new banding level. Our business model is based on commercial viability and this is a tremendous boost for us and for our investors.
“The UK has great potential in tidal stream energy and today’s announcement demonstrates that the government recognises this.”
Neptune Renewable Energy deployed a full-scale experimental demonstrator device in the Humber in January and is planning to deploy arrays of similar devices around the UK.
Neptune is the only commercially viable shallow water tidal stream energy company and is unique in being a site developer and operator as well as a technology developer.