New report highlights economic benefits of marine energy industry in Wales

March 30, 2017

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 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 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.”

Read the full press release and download the full report at Marine Energy Wales’ website.