We carried out a detailed investigation on marine energy to help members of the LCICG realise this technology's potential.
The work has been undertaken for the Low Carbon Innovation Coordination Group (LCICG), which is made up of a range of different bodies including the UK government Department of Energy and Climate Change (DECC), the Department for Business, Innovation and Skills (BIS), the Carbon Trust, the Energy Technologies Institute (ETI), the Technology Strategy Board (TSB), the Scottish Government, Scottish Enterprise, the Engineering and Physical Sciences Research Council (EPSRC), and other organisations with significant low carbon innovation interests.
The Technology Innovation Needs Assessment (TINA) analytical framework was developed and implemented by the Carbon Trust with contributions from all core LCICG members as well as input from numerous other expert individuals and organizations.
The research concluded that the UK has a large natural resource of marine energy that could make a meaningful contribution to the UK energy mix from around 2025. Cost of energy generated will need to reach around £100/MWh by 2025 for marine energy to be competitive with other technologies. This pathway is ambitious but possible with significant innovation. If successful, innovation in Marine energy could save the energy system approximately £3 to £8 billion* and help create a UK industry that could contribute an estimated £1 to£4 billion* to GDP up to 2050.
The TINA findings will be used to underpin the design and focus of DECC's and other LCICG's members' programmes and activities in these technology areas.