What is the value of innovative offshore renewable energy deployment to the UK economy?
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This publication explores the significant potential benefits, in terms of Gross Value Added (GVA), to the UK economy from future deployments of floating offshore wind, tidal stream and wave energy. Based on deployment modelling by the Energy Systems Catapult and International Energy Agency, these innovative offshore renewable technologies could produce a total of £24.6-79.6bn in GVA to the UK economy by 2050, with results very sensitive to UK supply chain capabilities. £16.4-41.4bn of this GVA is the result of 57GW of innovative ORE deployments in UK waters, with the remainder from UK supply chain content in international deployments. Further analysis of technical cost centres finds that the supply chain areas which contribute most to this GVA are from marine operations involved with installing and operating offshore renewable deployments, and the design and manufacturing of floating offshore wind platforms, tidal turbines and wave energy converters.