Wednesday, 18 September 2013
Wave Power, but not ruled by Britannia
In an earlier post I've argued that it would be far more sensible to develop methods of harnessing our island's abundant wave power rather than dump future generations with the problem of disposing of dangerous nuclear waste. Happily, wave power is not being entirely ignored. A company called MeyGen is to launch a project involving six underwater turbines in the Pentland Firth, where, apparently, the tides are particularly vigorous.
Sadly, British entrepreneurship is curiously absent from the project: MeyGem is jointly owned by the US investment bank Morgan Stanley, the French energy company GDF Suez S A and the Australian Atlantis Resources Corporation.
So where are all those British entrepreneural go-getters, freed by Osborne from so much red tape, loaded with low interest and easy to come by credit, and anxious to fill the space no longer crowded by the unenterprising the state?