FACTS & FIGURES
Lunar Energy Limited was set up in 2001 to develop a technology that would harness tidal power in a way that was simple and robust and economically viable. As part of a reconstruction the whole of the business and undertaking was transferred to Lunar Energy Power Limited in 2010.
Three key considerations have underpinned Lunar Energy’s search for the right technology – predictable (a reliable energy source that will be perpetually available), invisible (an environmentally aware design that has the added commercial advantage of being able to operate at depths not available to competitors), economic (a system that will collect energy from the ocean's currents at a market competitive rate and retain the cost advantage of low O & M costs).
The Directors of Lunar Energy believe that they are at the forefront of a new tidal energy technology that can make a significant contribution to both UK and global energy requirements. The EPRI Economic Assessment (June 2006) concluded that the Lunar Energy LTT system is technically sound and more commercially viable than many of its competitors by virtue of its ability to operate in the deeper water that offers stronger tidal currents and also a much lower environmental profile. The Black & Veatch Report (June 2005) concluded that tidal power had the potential to provide up to 6% of UK energy requirements. The total UK market is currently worth £18 billion and consequently one is looking at a tidal energy market of close to £1.1 billion per annum. However Scottish Enterprise commented that it is estimated that 34% of the UK electricity demand could be generated from tidal currents. If this were achieved then one is looking at an annual market worth £6 billion. Lunar Energy with its innovative and cutting edge technology aims to secure 20% of the UK tidal stream energy market by 2016.
||'There is a new industry in the making here, potentially creating thousands of jobs, generating a lot of new wealth, and delivering significant amounts of an increasingly precious commodity - namely, very low carbon, environmentally friendly energy. Not to seize hold of this opportunity with vigour and urgency would be insane.'
Forward to 'Why Marine?' - Sir Jonathan Porritt
||'The importance of marine energy has been recognized by the new Coalition government of the United Kingdom and the Coalition Agreement commits the government to marine energy,…………
…….. We will introduce measures to encourage marine energy”
The Coalition Agreement at section 10.
UK Electricity Market £18 billion p.a. (Black & Veatch 2005/Carbon Trust)
UK Tidal Energy Resource 6% of total UK market. (Black & Veatch June 2005)
UK Tidal Energy Market Value £1.08 billion p.a.
Further detailed information is available for qualifying investors and is contained within the Lunar Energy Summary Business Review