New Report Highlights Economic Benefits of Marine Energy Industry in Wales

New Report Highlights Economic Benefits of Marine Energy Industry in Wales

New Report Highlights Economic Benefits of Marine Energy Industry in Wales

The marine renewable energy industry is bringing increased investment and jobs to Wales and this is demonstrated in a new report from Marine Energy Wales, published today at their conference in Swansea.

The new report “Marine Energy in Wales: Investment, Jobs, Supply Chain 2017” highlights the findings of an industry survey carried out by Marine Energy Wales in January. The purpose was to provide an update on a previous report published in 2015 and aimed to understand the contribution of the marine energy sector to date, future development plans and what this could potentially contribute to Welsh economy.

The report finds that there has been an increase in investment into the Welsh marine energy sector of over £23 million since 2015, with current investment totalling £68.3 million. The sector directly supports 137 full time equivalent jobs and 350 person years of employment, 101 more jobs than two years ago.

Current developers actively involved in Wales have indicated an expected investment of £1.4 billion in the next 5 years, provided market and development incentives are in place.

The figures included in the report are direct impacts; the contribution is increased when total gross value effects are included from the wider supply chain.

The report was launched at the Marine Energy Wales Conference today by Ken Skates, Cabinet Secretary for Infrastructure and Economy, who said: “This latest report is very encouraging and highlights the rapid growth of the marine energy sector and its contribution to the Welsh economy. We have a truly excellent hub of supply chain businesses and facilities in Wales that are ready and able to take advantage of opportunities in the sector.

 “We therefore aim to build on Wales’ reputation, working in partnership with industry,  to ensure we are not only ‘open for business,’ but are once again seen as a global centre for energy,  not only as a generator of marine energy but as an exporter of knowledge, technologies and services.”

The report covers the wave, tidal stream and tidal range sectors across Wales and demonstrates that marine energy is fast becoming a dynamic and exciting part of the Welsh economy.

David Jones, Project Director of Marine Energy Wales, said: “Our findings demonstrate that Wales is playing a key role in the global development of marine energy. Significant industry progress has been made over the past two years and the increased spend and significant rise in jobs clearly show a surge in momentum.

This innovative sector is supporting supply chain diversity, resilience and clustering. It is providing new low carbon jobs and is playing a key role in supporting UK peripheral economies. Real progress is now being delivered in Anglesey, Pembrokeshire and Swansea, which is having a positive impact across the UK and this report is evidence of the growing confidence in Wales.”

 

The full report is available to view and download here.