Renewable Energy Centre supports new UK investment

Published September 28th, 2008

The Scottish government announced yesterday a proposal to issue 5 ROC (Renewable Obligation Certificates) to wave power projects. Currently the UK is looking to issue 2 ROC’s for every marine project installed. The Scottish coastline has one of the biggest marine power supply potentials in the world and the government is looking to encourage investors to undertake projects there by increasing the ROC’s. The Renewable Energy Centre explained that ROC’s are issued for renewable energy which is generated and has a value associated with it. Energy companies throughout the UK now have to source 9.1% of their energy from renewable sources. Currently the UK only produces 2% of energy from renewable sources. In order for energy companies to meet the targets they have to purchase ROC’s to meet their quota. The Renewable Energy Centre said that in order to reduce the credit trading of ROC’s and actually supply the UK with 9% of renewable power much more investment and encouragement needed to be given to the sector. Richard Simmons, Managing Director at The Renewable Energy Centre said “We are firmly of the opinion that the government is still dragging its heels when it comes to renewable energy. Despite regular positive announcements regarding wind and wave power, there are still too many hurdles which have not been addressed. Planning, aviation and economics are slowing down the interest from investors and instead of speeding up the process to reach completion, lead times are still much too long and costly.” The Renewable Energy Centre said it was a supporter of the British Wind Energy Association (BWEA) and was dedicated to promoting the UK as a potential world leader for wind and wave energy. More information can be found at;http://www.therrenewableenergycentre.co.uk