Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Siemens, Morgan Stanley-Backed Tidal Projects Receive U.K. Funds

Feb. 27 (Bloomberg) -- The U.K awarded 20 million pounds ($30 million) to tidal power projects backed by Siemens AG and Morgan Stanley as it seeks to boost renewable generation.

The Department of Energy and Climate Change gave 10 million pounds to a project in Anglesey, Wales, that will use systems developed by Marine Current Turbines Ltd., which was bought by Siemens last year, Energy and Climate Change Minister Greg Barker told a conference today in London. It also awarded funds to MeyGen Ltd., owned 45 percent by Morgan Stanley, to install turbines off the Inner Sound in Scotland.

The projects, expected to operate by 2016, offer “learning and evidence” needed to move marine power to commercialization, Barker said. No commercial-scale projects are now operating.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.