Thursday, April 23rd, 2015
HALIFAX, NS – A new study released today shows the potential economic opportunity in building a tidal energy industry in Canada is substantial. The study, “Value Proposition for Tidal Energy Development in Nova Scotia, Atlantic Canada and Canada” commissioned by the Offshore Energy Research Association of Nova Scotia (OERA) shows tidal energy could reduce our dependence on fossil fuels and create a new industry that offers significant socio-economic benefits across the nation.
The Study describes the potential opportunity that could result in developing a tidal energy industry in Canada. More specifically, the value proposition examines the economic potential that could be realized over a 25 year period to 2040 and how that financial valuation changes under different factors and drivers.“Globally, there is vast potential to draw hydrokinetic energy from oceans,” OERA Executive Director, Stephen Dempsey explains. “Enough to power over 170 million homes or 13 times more homes than in all of Canada. Realizing this potential will produce high quality jobs, new technologies and global market opportunities for this emerging industry sector in Canada.”