Atlantis pleased tidal energy will be included in government scheme

9th Nov 2016 13:13

(ShareCast News) - Tidal energy power company Atlantis Resources said was "pleased" that the government will include marine energy for the allocation of the second contracts for difference scheme in April.The department for Business, Energy and Industrial Strategy reserved £580m for the scheme to provide an incentive to low carbon electricity generators.In April the application for the £290m funding will open for projects to be delivered in 2021-22 or 2022-23.The second round is to support less established technologies, including offshore wind, anaerobic digestion with or without combined heat and power, biomass, advanced conversion technologies, wave, tidal and geothermal energy.AIM-listed Atlantis Resources said while the removal of the previously pledged ring-fenced allocation is disappointing, the decision announced Wednesday was not unexpected and it now has a clear view of how to move its UK portfolio forward."The company looks forward to participating in the 2017 contracts for difference auction with a number of its upcoming projects, and in the interim it will continue discussions with UK and Scottish governments on continuing support for this growth and job creating sector."It said it remained committed to ensuring that the UK maintains its world leading position in the development of tidal stream power, with phase 1A of the company's MeyGen project in Pentland Firth, between the Orkney Islands and Caithness in Scotland, is currently under construction. It benefits from the ROC regime and is on track to deliver first power in 2016.Shares in Atlantis Resources were down 0.4% to 1042 GMT.