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 at their recent 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 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.
By Jake Frith
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