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MPhil in Engineering for Sustainable Development

global challenges, engineering solutions

Studying at Cambridge

Jason Hayman

Attracting investment in electricity generation technologies: Strategies for improving the competitiveness of the marine energy sector

Jason Hayman

Attracting investment in electricity generation technologies: Strategies for improving the competitiveness of the marine energy sector

Marine renewable technology technologies show a great deal of promise in being able to contribute significantly to sustainable energy objectives. During the last few years a promising industry with a vast number of diverging technologies has emerged. These technologies are competing with each other and other more mature renewable energy technologies for investment. Both public and private investment in the industry to date is researched and a survey of technology developers and potential investors/project developers is conducted to determine where efforts need to be focussed to improve the competitiveness of the marine energy industry in attracting investment. It emerges that some fundamental issues such as a comprehensive understanding of the resource and legislation for spatial planning are affecting investor confidence. Strategies for addressing these issues along with the need for a more up to date cost modelling methodology that incorporates risk are presented. A conclusion is also drawn that management capabilities could be just as, if not more, important than technology capability in providing investors with the confidence to invest.