Atlantis welcomes CfD auction plans

Atlantis Resources has welcomed the plans for the next Contracts for Difference (CfD) allocation round, outlined by the UK government, announcing its intention to participate in the process.

The Edinburgh-based tidal energy developer said it was pleased that the UK Department for Business, Energy & Industrial Strategy (BEIS) clarified its position on the inclusion of marine energy in the forthcoming April CfD allocation round, stating however that the removal of the previously pledged ring-fenced allocation was disappointing.

Atlantis has a clear view of how to move its UK portfolio forward, and is looking forward to participating in the 2017 CfD auction with a number of its upcoming projects, the company said in a statement.

Tim Cornelius, CEO of Atlantis, said: “We recognize that we must build on the success of our first projects to drive down the cost of energy to achieve parity with other forms of generation, and we have the advantage that we can draw on decades of prior development and cost reduction efforts in the wind power and oil and gas sectors.

“Applying these lessons to our projects, and combining them with an agile and innovative supply chain and a supportive Scotland, enables us to be confident that we can accelerate cost reductions and achieve parity with other renewables for projects coming into operation under the forthcoming CfD allocation round. We are confident that tidal power will be a long term supplier of predictable renewable generation representing excellent value for consumers.”

To remind, Atlantis is currently installing the turbines in the Pentland Firth, after concluding the installation of turbine foundations late in October, as part of the Phase 1A of the MeyGen tidal energy project.

The Phase 1A will see the installation of four tidal turbines with the combined output of 6MW.

Atlantis said the project is on track to deliver first power in 2016.