Irish Government Increases Marine Energy Commitment to Carnegie
- Business & Finance
Irish wave energy developer, CWE Ireland, a 100% subsidiary of Carnegie Wave Energy Limited, welcomes the Irish Government’s commitment of €26.3 million through to 2016 to develop its wave and tidal resource released by Irish Minister for Energy Pat Rabbitte in Dublin on Friday.
The Offshore Renewable Energy Development Plan increases the budget for ocean energy development in the 2013-2016 period by €16.8 million, bringing total cumulative funding to €26.3 million. It also proposes the introduction of a feed in tariff (market support scheme) for wave and tidal energy from 2016 of €260/MWh (AUD400/MWh) for the first 30MW of installed capacity. The plan identifies potential marine renewable resources of more than 70GW of energy in Irish waters, which is more than 14 times Ireland’s current energy demand.
The funds will support activities at ocean energy test sites on the west coast, research projects by the Cork-based Integrated Maritime Energy Resource Cluster and also the development of prototype devices for the conversion of wave energy into electricity.
Carnegie’s Dublin-based Executive Director and CWE Ireland Board Member, Kieran O’Brien, said: “We welcome this commitment from the Minister for Energy and look forward working with the Irish Government and the Sustainable Energy Authority of Ireland to sustainably exploit Ireland’s incredible wave resource.”
Carnegie has been active in Ireland through its 100% owned subsidiary, CETO Wave Energy Ireland (CWE Ireland), since 2010. In October 2010, Carnegie signed a formal Collaboration Agreement with the Sustainable Energy Authority of Ireland (SEAI) to support the development of the wave energy test site project at Belmullet on the west coast.
CWE Ireland completed a detailed site evaluation and conceptual design study of a proposed 5MW CETO commercial demonstration project in Irish waters in 2011. This study was 50% funded by the Irish Government’s Sustainable Energy Authority of Ireland (SEAI) under the Ocean Energy Prototype Research and Development Programme and CWE Ireland. The study identified two potential near-shore sites for further development. Having assessed the two potential sites in consultation with the SEAI, CWE Ireland formally applied to the Department of Environment, Heritage and Local Government for an Investigative Foreshore Licence covering an area between Freagh Point and Spanish Point off County Clare.
Press Release, February 11, 2014; Image: Carnegie