The plans to develop the 30MW Perpetuus Tidal Energy Centre (PTEC) off the Isle of Wight have been postponed.
The decision to halt further development of PTEC came as the center was unable to rival the prices of offshore wind in the latest UK government’s contracts for difference (CfD) auction.
Namely, the UK government opted not to grant a minima for marine energy in the latest CfD allocation round, which meant PTEC could not at the time compete on price with more mature renewable energy sectors, Robert Stevens, Chairman of PTEC said.
Stevens added: “The Isle of Wight and Solent has been named by RenewableUK as one of four strategic areas for the development of marine energy and, as a world leading 30MW tidal power project, the PTEC has an important part to play in ensuring the UK maintains its position as global lead in this sector.
“Whilst our project has been delayed it is still viable and we believe achievable with government support. ”
The project received all key consents in 2016, and was due for full operations starting from 2020.
It is operated as a joint venture between private company Perpetuus Energy and the Isle of Wight Council, and is designed to commercially operate up to 60 different world-leading turbine technologies.