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Marine energy could boost the Welsh economy by £840 million over the next two decades, according to a report commissioned by the Welsh Government.
The study, completed by Regeneris Consultation and the Welsh Economy Research Unit at Cardiff Business School, estimated that the benefits would come as a result of a “very substantial” rollout of 1GW in wave and tidal generation.
The report also estimated that this scenario, where 250MW of wave and 750MW of tidal energy was installed, would generate almost 24,000 jobs over a 10-20 year period.
Other scenarios, predicting a 30MW installation in each wave and tidal, and a total of 300MW of installed marine generation, could boost the Welsh economy by £70 million and £300 million respectively.
The chief executive of Cardiff-based Tidal Energy, Martin Murphy said: “It highlights that there is a great opportunity for the development of marine renewable energy in Wales and endorses the potential economic benefits that the industry can provide.
Welsh economy minister Edwina Hart said: “We are committed to unlocking the energy in our seas and this report illustrates the real benefits it could deliver across the Welsh economy as well as some of the challenges.”
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