UK releases Budget 2016; GBP 15 mln goes to Wave Hub

Authorities & Government

UK Chancellor George Osborne yesterday announced the Budget 2016, setting aside up to GBP 730 million (approx. EUR 929 million) to support offshore wind and other less established renewable technologies, and providing around GBP 15 million to develop WaveHub as part of a new MarineHub Enterprise Zone.

The Contracts for Difference (CfD) auction will back up to 4GW of offshore wind and other less established renewables technologies, with the first auction set to amount to GBP 290 million (approx. EUR 369 million). This support will be applicable to those projects generating electricity in 2021 to 2026.

Furthermore, the government is transferring ownership of the Wave Hub testing facility to Cornwall Council, and providing around GBP 15 million to develop the facility as part of a new MarineHub Enterprise Zone. The government will create a new Cornwall MarineHub Enterprise Zone following the transfer of Wave Hub to Cornwall Council. 

Cornwall Council leader John Pollard said: “Now we have an announcement on funding, we can press ahead with the ambitious plans we have been developing with partners.”

Sandra Rothwell, chief executive of the Cornwall and Isles of Scilly Local Enterprise Partnership, which will oversee the MarineHub Enterprise Zone, said: “The Budget delivers on a number of key areas in the Cornwall Devolution Deal including the low carbon economy and transport, and there is support for science and innovation and a promise of a further round of Growth Deals, although this is likely to be very competitive.

“MarineHub is a centrepiece of our ambition to make our region a world leader in the development of marine renewable energy, attracting investment and creating well-paid jobs. The package of support includes additional investment, the Enterprise Zone and transfer of ownership of Wave Hub to Cornwall Council to further develop this key asset. This is excellent news, and the Council deserves full credit for making the case.”