Stunning Potential of Offshore Renewables Revealed

A full economic evaluation into the potential of offshore renewable energy, the first of its kind, has been published. The authours, The Offshore Valuation Group, suggest that offshore renewable energy has the potential to provide the UK's electricity and create thousands of jobs.

The report said wind and wave power could generate the same amount of electricity as is currently achieved by North Sea oil and gas production and even using a third of the total resource 145,000 jobs could be created.

By 2050 the study has predicted that the UK could export electricity.

The Offshore Valuation Group is a group of organisations drawn from across industry and government, chaired by the Public Interest Research Centre (PIRC).

Tim Helweg-Larsen, director of PIRC, said: "To discover that we own a resource with the potential to return the UK to being a net power exporter, and on a sustainable basis, is genuinely exciting, and a wake-up call to those in a position to foster the further development of this industry."