The Minister also announced a significant boost for the future of the sector with the first ever guaranteed price for wave energy.

As a result of the initiative, UCC's Hydraulic and Maritime Research Centre (HMRC) and Coastal Marine Resources Centre (CMRC) (part of UCC's College of Science, Engineering and Food Science) will collaborate with Cork Institute of Technology (CIT), the Naval Service and the National Maritime College of Ireland (NMCI) in Ringaskiddy, Co. Cork, in the research programme as part of Maritime Campus Ireland (MCI).

Minister's Ryan commitment to the implementation of a National Ocean Energy Programme was warmly welcomed by both UCC President, Dr Michael Murphy and CIT President, Dr Brendan Murphy. "University College Cork, the Cork Institute of Technology and the National Maritime College of Ireland, can collaborate to underpin the research effort needed to pursue this aim, bringing together expertise in areas such as engineering, maritime technology and coastal management" the UCC President said.

The initiative announced by the Minister will include:

1. €1 million towards a world class, state-of-the-art National Ocean Energy facility in UCC. The Facility will now have an advanced wave basin for the development and testing of early ocean energy devices.
2. €2 million to support to develop a grid-connected wave energy test site at Annagh/French Point near Belmullet, Co. Mayo.
3. €2 million in grants this year under the Ocean Energy Prototype Fund. This will help developers to make their devices commercial.
4. The introduction, of a new feed-in-tariff under the REFIT scheme for wave energy of €220 per MegaWatt Hour.
5. €500,000 this year to establish an Ocean Energy Development Unit as part of Sustainable Energy Ireland (SEI). Operating with the support and assistance of the Marine Institute, this unit will oversee the implementation of the initiative.

Launching the initiative at the Maritime College in Cork, Minister Ryan said; "I have articulated my intention that Ireland become a world leader in renewable energy. Last week, I published an authoritative study proving that this is possible. Today, I begin this programme of change with the delivery of a major initiative on ocean energy. We have unparalleled ocean resources in Ireland. The aim behind this R&D funding is to enable Ireland to win the race of developing a full-scale, commercially viable ocean energy device for generating electricity."

This programme supports research, applied research and grants for commercialisation. The feed-in-tariff price offers a guaranteed return to producers for electricity they produce from ocean energy. The Ocean Energy Development Unit in SEI will have a central role in overseeing this Programme. This is an integrated system offering support from the initial stages right through to sale.

Commenting on the programme the Minister said, "Ireland now has the most sophisticated state support system for ocean energy in the world. The Government is supporting start-up research through to the commercial production of electricity from the ocean. We then guarantee a price for this electricity that is one of the most competitive in the world."

The 2005 Bacon/ESBI study calculated that 1,900 jobs would be created by 2020 if Ireland invested in ocean energy technology. The Minister welcomed the jobs likely to be created in Belmullet arising from the grid connection nearby and said this was also good news for the nearby port of Killybegs, which would be used to service the sites off shore.

"We're investing", the Minister said, "in order to create the jobs of the future. We are investing in order that we have clean, cheap and domestically produced energy. I believe that we can be a world leader in renewable energy. We start today with the oceans."

Pictured at the announcement of the Ocean Energy Programme are: Energy Minister, Eamon Ryan, CIT President, Dr Brendan Murphy and UCC President, Dr Michael Murphy.

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