The marine energy sector in Wales saw a ‘record-breaking’ £103.4m in investment and spending during the 22/23 financial year. The figure, published in the latest annual state of the sector report for Marine Energy Wales, was four times larger than any previous year and attributed to the recent surge in infrastructure projects around marine energy in Wales.
A breakdown of the record investment shows that tidal stream saw the largest investment, with £45.1m spent during the financial year. This was closely followed by the supply chain sector at £44.7m.
Floating offshore wind (FLOW) saw the fastest growth in the financial year, adding £11.6m into the economy in the past year with the potential to generate £1bn in economic opportunities over the next five years, the report found. Much of the spending in the tidal stream and supply chain sectors in the last year was fuelled by the Morlais tidal demonstration zone in Anglesey and the Pembroke Dock Marine project.
