The UK announces biggest investment into Britain's Tidal Power
Instream Energy, a leading hydrokinetic energy company, is encouraged with the news that the UK Department for Business, Energy, and Industrial Strategy (BEIS) is a ringfencing tidal stream in pot2 of the upcoming AR4 CfD round.
“The UK has sent a strong signal to the rest of the world in terms of their commitment to address climate change with today's announcement,” said Instream Energy President and CEO Dave Dennis. “This decision recognizes the critical impact hydrokinetic energy can have by providing predictable and reliable electricity into the UK grid. This new investment is an essential boost to the evolution of innovative renewable hydrokinetic energy solutions. Instream Energy is excited to be working in the UK tidal industry and committed to invest and bring value to their efforts.”
The UK Government has committed to back tidal energy as part of its renewable energy auction scheme, which will help pave the way towards their net-zero economy by 2050. Although the UK is already incentivized offshore and onshore wind farms, ministers are hoping to diversify and strengthen the UK's renewable energies market. In October 2021, the UK Government pledged that all electricity would come from green sources by 2035.
Instream is poised to participate in this great opportunity to accelerate the world's adoption of tidal energy.