THE positive impact of the marine energy industry on the low carbon economy has been highlighted in a new report.

Marine Energy Pembrokeshire (MEP) has prepared a report emphasising “compelling economic benefits created by the marine energy sector in Wales to date”.

Providing green jobs and growth in a challenging economic climate is quoted key to its success.

The report found that in terms of total investment in Wales to date, Wave and Tidal technology developers have spent £34.5 million. When this is combined with marine energy research carried out by Welsh universities the figures rises to £45.4 million.

It adds that employment benefits are also substantial; stating that marine energy technology developers and associated Welsh project development has directly created 99 person years of employment so far. Alongside Welsh marine energy related research, this figure rises to more than 174 person years of employment.

Mustang Marine Ltd has built and assembled Tidal Energy Limited’s DeltaStream device at its facilities in Pembroke Port, demonstrating that Wales is continuing to accumulate the required skills and experience in the marine renewables sector.

Kevin Hobbs, Pembroke Port, said “The report highlights the potential value of marine energy to Pembrokeshire and the local supply chain. The Milford Haven Waterway is already home to Tidal Energy Limited, and Marine Power Systems are expected to arrive in the coming months. The Waterway is fast establishing a reputation as a marine energy park as it offers superb access to rich wave and tide marine energy resources, excellent grid capacity and a highly skilled supply chain. We fully anticipate, and support, continued growth from the marine energy sector.”

The potential for tapping into the worldwide market and growth of high skilled jobs was also covered with the potential for the UK to capture a slice of the global marine energy market worth up to £76 billion by 2050.

David Jones, Project Director of Marine Energy Pembrokeshire, commented

“There is huge potential in Wales to develop a new sustainable energy sector and build on the positive impact marine energy has already had. If you combine our diverse natural resources with the grid connection possibilities, the transferable skills of the oil and gas industry, research links and the world class port facilities, it provides a very attractive package for developers. Add to that the €100.4 million of EU structural funding set aside for marine energy in Wales, then we are well positioned to play a worldwide leading role.”