REA: Government to blame for Aquamarine’s going into administration

The Renewable Energy Association (REA) has placed the blame on shallow government support for wave and tidal energy for the yesterday’s announcement of Aquamarine Power’s going into the administration.

Responding to the news that renewable energy firm Aquamarine Power has called in administrators to manage the business and seek a sale or fresh investment, the Chair of the REA Ocean Energy Group, Max Carcas, said:

“This is another by-product of the investment uncertainty this government has caused in renewables. We have seen strategic leadership on nuclear, fracking and High-Speed 2, but little in making use of the unlimited energy resource surrounding our coasts.

“Wave and tidal energy is an area where the UK has real technological leadership and a huge potential. We know we have a huge energy resource sitting on our doorstep. We know it can be harnessed. We know there is real potential for this new energy technology to be a significant export earner for the UK, much bigger than nuclear, fracking or HS2 , yet we don’t have a strategy for making it happen.

“If marine had the same commitment provided to Hinkley, it could potentially provide cheaper energy, at a larger scale, and be a positive contribution to the UK’s balance of payments rather than a negative. Of course there are uncertainties, as indeed there are with Hinkley, but these can be better mitigated to give better value for money for the UK with relatively little investment required today.”

REA is a renewable energy trade association represents renewable energy producers and promotes the use of all forms of renewable energy in the UK across power, heat, transport and renewable gas.

Image: Aquamarine Power