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U.K. Promises $27 Million for Turbines That Harness Tidal Power

Secretary of State for Business Kwasi Kwarteng

Secretary of State for Business Kwasi Kwarteng

Photographer: Hollie Adams/Bloomberg 

The U.K. government is making a bid to realize the potential of its tidal power industry, by ring-fencing a pot of 20 million pounds a year ($27 million) in subsidies for new projects.

The island nation could get about a fifth of its electricity from wave and tidal renewable energy technology, according to government estimates. However, projects have struggled to get off the ground because they are more expensive than wind power and so can’t compete in government-run auctions for green energy support, where developers bid for so-called Contracts for Difference.