4TH BIGGEST EU ELECTRIC CO BUYS INTO WAVES

Vattenfall prepares for ocean energy farms in Ireland
January 14, 2009 (Vattenfall via)

“Vattenfall has acquired 51 % of the Irish site development company for ocean energy, Pandion Ltd, for EUR 500,000 (around SEK 5 million). The ocean energy developer Wavebob Ltd will hold the remaining 49 % of Pandion…

“Pandion has applied for ocean energy sites on the west coast of Ireland, which will be developed for dem-onstration to a commercial size, over 250 MW electricity, when it is technically and economically viable. For Vattenfall the investment in Pandion is a first step towards a leading position on the emerging ocean energy market…“Ocean energy has large potential to contribute to the implementation of Vattenfall’s climate vision to be climate neutral by 2050. It is important for us to reach our growth targets, which are based on renewables, nuclear power and coal with CCS technology,” says Lars G Josefsson, President and CEO of Vattenfall…”

click to enlarge

“Helmar Rendez, senior vice president Vattenfall AB, explains: “Ireland’s exceptional wave climate, extensive support schemes, strong political support and appointed areas for exploitation of ocean energy makes establishment there favourable. Quick consent processes are foreseen and Vattenfall has an interest to stimulate the development of the market as well as the technical development…The technologies must be further developed and optimised…Establishment of sites with a potential to grow to commercial sites is important for us to support such a development.” …Further ventures to establish ocean energy business in the UK and Ireland are therefore very probable. However, both markets need new investments in transmission capacity before large investments in ocean energy can be realized.”