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Philip Dunne MP comments on Contracts for Difference and Tidal Power

24 November 2021

Chair's comment

Reacting to today’s announcement of the Contracts for Difference scheme and tidal power, Environmental Audit Committee Chairman, Rt Hon Philip Dunne MP, said:

"The additional funding allocated to tidal stream in the Government’s Contracts for Difference scheme is a ringing vote of confidence in the sector.

Earlier this year, our Committee recommended to Government that tidal stream be explicitly included in Contracts for Difference round 4, and I am therefore delighted that the Government has taken this forward. Providing a separate pot for tidal stream, and setting a strike price, ought to send the right demand signals to encourage investors to back this exciting technology.

During our Committee’s work considering technological innovations and climate change, we heard how many tidal stream projects are currently unable to proceed to full development due to insufficient funding. I hope today’s announcement opens a pathway to the further development of these projects, and that before too long the massive potential of tidal stream can contribute fully to the UK’s energy mix.”

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