This is an excerpt from EERE Network News, a weekly electronic newsletter.

August 11, 2004

U.K. Provides $92-Million Fund to Advance Wave and Tidal Energy

The U.K. Department of Trade and Industry (DTI) announced on August 2nd that it has created a $92-million (50-million-pound) fund to advance wave and tidal energy technologies. The new Marine Research Development Fund will support innovative and visionary businesses throughout the U.K. that can take world-class research and development and bring it to market, according to DTI. See the DTI press release.

The DTI announcement coincided with the release of a study on marine energy from the Scottish Executive's Forum for Renewable Energy Development in Scotland. That study concluded that wave and tidal energy could provide 10 percent of Scotland's power by 2020, with 1300 megawatts of wave and tidal energy sources installed in Scottish waters. The report finds that such an endeavor would create at least 7,000 jobs in Scotland. See the report on the Scottish Executive Web site.