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Investment and Supply Chain Development Needed to Drive European Ocean Energy Potential

Leading speakers from the European Commission, EDF, Iberdrola, ABB Technology Ventures, DONG Energy, Lockheed Martin, Vattenfall, European Investment Bank and Alstom will gather to discuss the future of ocean energy in Europe

 
 
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Ocean Energy Logo
PRLog - Apr. 26, 2012 - LAMBETH, U.K. -- (April 26, 2012) LONDON – The European Ocean Energy Association’s 3rd annual event- Ocean Energy 2012- will gather senior level delegates from the EC, member state governments, utilities, investors and OEMs to discuss project deployment, industry investment and the development of a viable European ocean energy supply chain.

Despite the euro zone facing increasing sovereign debt, the ocean energy industry has continued to attract interest and investment from the big industrial players. Alstom, Vattenfall, Siemens and Lockheed Martin have all expressed interest in the growth potential offered by the ocean sector over the coming years: “We are already seeing OEMs being attracted into the area” remarked Neil Komode, Managing Director of the European Marine Energy Centre (EMEC). “We will see their discipline and firepower brought to bear on the issues that will arise and I believe we will see a ramping up of deployment”.

Utilities are also recognizing to the potential for ocean energy to provide large and reliable quantities of clean power, with Iberdrola, E.On and EDF currently embarking on developing some of the first pilot projects.  “The next 5 years must deliver several multi-device arrays of 5-10MW capacity, utilising different technologies to promote utility investment into larger scale commercial arrays” commented Richard Church, Marine Energy Development Manager at RWE Innogy.

The key barriers to reaching this stage continue to be the same issues facing many emerging industries- high technology risks and lack of available capital. “Small ocean energy development companies often lack the capital and capacity to perform full scale tests and further develop their product to a commercial state” stated Björn Bolund, Technology Area Responsible for Ocean energy at Vattenfall.
Dan Pearson, Chief Executive Officer of Meygen also cites the lack of a viable supply chain as a factor currently limiting development: “Placing technology proving and reliability to one side, supply chain and its ability to quickly demonstrate reduction to the cost of tidal stream energy is the key concern to us and shareholders.  Without confidence that cost reduction can be achieved in foreseeable timescales (between 2016 – 2020) it will be very challenging to secure the future finance required”.
The UK is leading the way in addressing these issues, recently launching a €24million contest to support wave energy projects, in addition to the availability of 5 ROCs per MWh. This level of support is not yet reciprocated across all European states- the importance of realising a unified policy to facilitate this support is also highlighted by Pearson: “We believe that a coherent strategy for Marine Energy development is key and that this is currently missing. It is incumbent upon the industry and governments of relevant member states of the EU to raise the profile of the industry in a unified manner”.

The EUOEA’s Ocean Energy 2012 will offer delegates an unparalleled opportunity to network with the leading policy makers, industrial players, supply chain partners, utilities and investors as they address the issues that face the future of the industry. Sessions include updates from the first operational ocean e energy projects, options for developing a viable ocean supply chain, insights on technology and project cost reduction and options available for obtaining finance and reducing project risk.

More information on the forthcoming conference and the discussions to be held there is available at www.greenpowerconferences.com/oceanenergy , by following @greenpowermc on Twitter, or by joining the Ocean Energy LinkedIn group.
Note to Editors
Green Power Conferences are pleased to welcome journalists to attend the Ocean Energy 2012 Congress free of charge. To request a press pass please email michael.chaplin@greenpowerconferences.com

About the European Ocean Energy Association
The European Ocean Energy Association is the official trade association for the marine energy industry, and was set up with funding from the European Commission to speak for the industry across Europe and to assist the Commission with policy development. Headquartered in Brussels, the EU-OEA presents a unified voice on behalf of the marine energy industry and offers a coordinated approach to networking, lobbying and policy development at the heart of the European Union. The association brings together leading developers, utilities, research organisations and major industrial companies with the shared goal of accelerating the development and deployment of utility-scale marine renewable energy projects:
www.eu-oea.com/.

About Green Power Conferences
Green Power Conferences is the market leader in renewable energy conferences. Since 2003, over 15,000 delegates have attended more than 300 conferences, exhibitions, workshops and training courses providing strategic business intelligence to the renewable energy and sustainability industries. Green Power’s expertise lies in producing high quality, interactive events that provide ample networking opportunities for delegates, sponsors and partners. More information and a full list of current conferences is available at: www.greenpowerconferences.com.

Media Contacts
Michael Chaplin
Marketing Executive
Green Power Conferences – Ocean Energy
michael.chaplin@greenpowerconferences.com, +44 (0)20 3384 8870

Photo:
http://www.prlog.org/11859640/1

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Tags:ocean energy, Marine, tidal, hydro, offshore, european ocean energy association alstom, vattenfall
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