UK Gov Support Continues

Pulse welcomes £20m Innovation Funding.                            

Great to see HMG announcing £20m innovation funding for the sector today. This is another solid indication of the support we are seeing from UK Gov. 

It needs to be partnered with a harmonised UK-wide revenue incentive also if we are going to see tidal power arrays making a real contribution to UK power needs.

Initially, this revenue support needs to be 5 ROCs because tidal power technology is new and relatively expensive, but as the volume of tidal power machines increases, the cost will fall, catching up with offshore wind very quickly. Then there will be no longer any need for differentiated incentives. 

When costs are similar, a portolio approach, mixing wind, wave and tidal, saves money overall because the variability of the generation mix goes down. This means that the consumer pays less for their clean power. And that's something we all want.

Bob

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