A study has indicated that the investors are pulling out of the renewable energy projects, which is also expected to adversely impact wave energy.
A media report has highlighted that wave energy will not develop significantly in Ireland “for at least a decade” due to investment difficulties and the “unproven nature” of the technology, as per the findings of a study.
As per the study initiated by the Sustainability Institute, headed by former Green Party member Andy Wilson, the investors are “pulling out of the renewable energy projects, blaming the global recession and world energy prices”.
Last year, Ireland was in news for its big push for wave energy. The initiative had called for €26 million to go towards research and facilities, and established a new feed-in-tariff for wave and tidal power in the country.
As per the information available, North Mayo has been selected as the location for the Government’s full-scale trials on wave energy, spearheaded by the Marine Institute and Sustainable Energy Ireland with private investors.
Ireland is considered to be ideally located to benefit from the waves generated in the Atlantic Ocean. Off the west coast of Ireland, the annual average wave height is 2.5m-3m, however winter events are substantially greater.
Perhaps you could provide a reference where we can see the contents of this report?
It would be interesting to understand how the claim that 'investors are pulling out' is substantiated.
Our anecdotal experience suggests the contrary:
- major power companies are increasing their investment in practical work in Ireland. In our case that is from Vattenfall.
- the number of people working in the nascent wave industry is growing, as demonstrated by the number of attendees at any given wave energy meeting.
- the number of applicants for foreshore licenses has overwhelmed the permitting process.
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