Tuesday 9th June, 2009

Eternal power is possible

Image courtesy phault, flickr

The campaign for renewable energy is, after all, not just a bluff. An offshore renewable energy valuation report revealed that Britain has a great economic opportunity to use fixed wind, floating wind, tidal stream, tidal range and wave technologies.

The Offshore Valuation Group revealed that rapid development of the UK’s offshore resources by 2050 could generate electricity equivalent to a billion barrels of oil per year. The potential of offshore renewable energy, if developed still further, would allow the UK to power itself six times over at current levels of demand and become a net electricity exporter.

The report has found that offshore resources add value to the UK whether they power themselves or simply view it as an export commodity to Europe. Compared to the continent, Britain holds the largest resource of offshore wind, wave and tidal power.

Tim Helweg-Larsen, Director of the Public Interest Research Centre, said: “This report seeks to present to the UK the true value of an energy resource right on our doorstep. To discover that we own a resource with the potential to return the UK to being a net power exporter, and on a sustainable basis, is genuinely exciting, and a wake-up call to those in a position to foster the further development of this industry.”

This chance will not be realised if the government does not set the right policy and stimulate investment in the necessary infrastructure.

The Offshore Valuation Group is comprised of a wide range of organisations representing government, industry and the public interest.

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