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A report by the University of Finland highlights the role of marine energy in creating a cost-effective energy system. According to the findings, the UK should aim to harness 27 GW of wave energy to achieve the Net Zero target.

The study analysed different options that would facilitate the transition to a 100% renewable energy model by 2050. One of these scenarios is through the harnessing of tidal energy, with a capacity of 27 GW. This is essential because electricity demand will triple in the next 25 years. According to IEA estimates, its potential is 1.2 million MW/year, 7.5% of the world’s total energy. These agreements are therefore long-term contracts designed to support wave energy programmes.

Recent developments have shown that tidal power is safe, predictable, efficient, quiet and, increasingly, economically viable. This is particularly important for the UK, which has the maritime expertise, engineering experience and supply chains to lead the marine sector. In fact, it is the country that has invested the most in this type of energy source, through numerous grants to companies.

The Galician company came up with a cheaper and simpler model, hanging the rotors from a large floating barge anchored to the seabed. Magallanes is now among a select group of leading tidal energy companies. They provide a fixed tariff for 15 years, offering essential support and stability for innovative projects.