The Crown Estate has dropped the financial guarantee required to obtain a lease on the UK coast significantly, down from 25 Million to just 5 Million.
This signals increasing support for UK marine energy firms and is set to increase competition and facilitate a more diverse wave and tidal industry.
The energy sector has seized the opportunity and green company and newcomer to marine energy, Ecotricity is hoping to build significant capacity from simple and cost effective wave based energy generation within the next five years.
Reports quote Ecotricity sources who believe their generation method can produce at 2 pence per kilowatt hour. This would undercut nuclear and even natural gas.
The fall in Crown Estate costs to marine energy has further invigorated the sector with the rise in ROC support from the DECC from late last year.