The Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency), yesterday announced federal support for a study to assess the potential economic impact of the tidal energy sector in Atlantic Canada. Marine renewable energy represents a significant emerging global market, and it is estimated that tidal energy has the potential to generate billions of dollars in future economic value to Canada.
The assessment will help industry and governments gain a clear understanding of the wider economic impact of the region’s tidal energy activities on the ocean industry supply and service sector nationwide. The Offshore Energy Research Association (OERA) will lead the assessment.
“Our Government is committed to helping Atlantic Canada’s marine renewable energy sector identify and seize the untapped potential of tidal power generation,” said Minister Moore . “Our ocean technology and offshore energy industries are significant generators of jobs and economic growth both in Atlantic Canada and across the country.”
The results of this study will be instrumental in conveying the economic potential of the regional and national tidal industry during the 5th International Conference on Ocean Energy (ICOE), which will be held in Halifax in November, 2014.
“The information that this assessment will provide does not currently exist, but is required in order to attract the level of investment necessary to support activities that will move the industry forward,” said Stephen Dempsey, Executive Director, OERA . “The development of tidal energy capabilities and commercial opportunities could ultimately attract investments and contribute to the growth of the marine renewable energy sector in the Atlantic region.”
With the advantage of having the world’s highest tides in the Bay of Fundy, Atlantic Canada is well-positioned to become a world leader in the tidal energy sector. The region’s reputation and capacity in the area of tidal power generation is widely known, and Halifax is the first North American city to be chosen to host the ICOE.
The Government of Canada invested $180,000 in this project through ACOA’s Atlantic Policy Research Initiative (APRI).
Press release, November 21, 2013; Image: eti