EC Starts Group to Spur Marine Energy Industry

The European Commission plans to start an Ocean Energy Forum to support the commercialization of wave and tidal technologies, which may be worth as much as 535 billion euros ($725 billion) globally by 2050.

The forum will boost cooperation between stakeholders in the industry to help accelerate the development of wave and tidal devices, the commission said today in an e-mailed statement. The commission estimated the size of the wave and tidal energy market based on research by the U.K.