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Atlantis Resources presses government for subsidy support for tidal power project

Atlantis has asked the UK government for a bilateral agreement for 80Mw of capacity, said chief executive Tim Cornelius.
picture of turbine
All four turbines in phase 1A are now in place

Atlantis Resources Limited (LON:ARL) has asked the UK government for a separate deal to get its MeyGen project included among the new roster of subsidised renewable power developments.

The AIM-listed firm is developing the MeyGen tidal power project in the Pentland Firth but missed out in the recent renewable power auction in which eleven contracts awarded starting in 2021/2022.

READ: Tide could be turning for Atlantis Resources as MeyGen comes fully on stream

Tim Cornelius, Atlantis’ chief executive, said the company has asked the UK government for a bilateral agreement for 80Mw of capacity to allow it to proceed with the construction of Phase 1C of the MeyGen project ‘without further delay’.

“Tidal stream power costs are reducing all the time with a strong trajectory towards achieving parity with established renewables such as offshore wind," he said.

"The industrial opportunities of tidal power for the UK are substantial, but without renewed Government support for tidal stream power, the UK is likely to lose jobs and investment overseas.”

Atlantis has all but completed phase 1A at MeyGen. All four of the undersea turbines have been reinstalled after maintenance with commissioning work on the final turbine now underway.

READ: Atlantis Resources' MeyGen project not awarded 2017 renewable energy CfD by UK government, in dialogue about future allocations

Following final testing, MeyGen Phase 1A is expected to formally complete its construction phase and enter into its 25-year operational phase within the coming weeks, said Atlantis.

At full capacity, MeyGen's phase 1A will generate 6Mw though phase 1C would see the number of turbines rise from four to almost 50.

Total production so far has now surpassed 2.6GWh with over 800MWh of electricity sent to the grid during September, Cornelius added. 

“The UK needs a mix of renewables and we are ready to deliver vast quantities of untapped, predictable, reliable, sustainable power generating jobs and investment for this country."

 

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