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UK May Be Net Offshore Energy Power Exporter By 2050 - Study

Publié le 19 Mai 2010

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- LONDON -(Dow Jones)- The U.K. could become a net exporter of offshore-generated renewable electricity by 2050 by utilizing just under a third of its total offshore wind, wave and tidal energy resources, a report said Wednesday. According to the report published by the Offshore Valuation Group, an informal collaboration of government and industry organizations that commissioned the report, this scenario would also create 145,000 jobs in the U.K. and provide GBP28 billion in tax revenues annually. "This report reinforces the view that offshore renewables, and in particular offshore wind, could have a potentially major role to play," said David Kennedy, chief executive of the Committee on Climate Change--an independent advisory panel to the U.K. government. The report said that the government and industry need to make sure that the next round of offshore wind projects were able to connect to a "supergrid" to avoid locking out potential future electricity sales to Europe. It also said that the U.K. needs to develop the supply chain as well as a new financing structure that can support the scale and speed that is required of the industry. The U.K., where offshore wind installed capacity recently reached 1 gigawatt, is leading the global sector. About GBP100 billion is expected to be invested in U.K. offshore wind projects over the next decade. But even though the potential is huge, the sector is facing high development costs, an underdeveloped supply chain, technology and engineering challenges, as well as a lack of grid infrastructure. -By Selina Williams, Dow Jones Newswires +44 207 842 9262; selina.williams@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=LFaCKU7puSoC5RQTnfaYFQ%3D%3D. You can use this link on the day this article is published and the following day.

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