Angus McCrone, senior analyst at Bloomberg New Energy Finance, said: "Governments in countries such as the UK, France, Australia and Canada have identified tidal and wave as large opportunities not just for clean power generation, but also for creating local jobs and building national technological expertise. "That continues to be the case, and we will see further progress over the rest of this decade.
However, the amount of marine energy capacity that has been installed and generating consistently for a period of years remains tiny. There is only the 1. 2MW SeaGen tidal stream device owned by Siemens/Marine Current Turbines in Strangford Lough, Northern Ireland, and a few small pilot wave power plants.
Michael Liebreich, chairman of the advisory board at Bloomberg New Energy Finance, commented: "Tidal stream and wave power companies continue to face huge challenges.
There have been clearer positives for tidal stream technology companies, with Andritz Hydro Hammerfest and Alstom/TGL both earning Renewable Obligation Certificates for electricity generated from devices at the European Marine Energy Centre in Orkney, Scotland, and Atlantis Resources raising GBP 12m in an initial public offering on London's AIM in February.
Global installations of tidal stream and wave power are set to grow to 148MW and 21MW respectively by the end of this decade, from almost nothing today, according to new research from Bloomberg New Energy Finance, but these are still trifling amounts in the context of the world’s power system.
Read more here: Business Spectator