THREE YEARS ago, an official report calculated that 2,000 jobs could be created if Ireland invested in ocean technology for electricity generation. It was an extremely cautious assessment. Since then, much has changed. Oil prices have sky rocketed. Prototypes for wave and tidal-stream electricity generators have come on line. The Government has agreed a three-year investment programme costing €26 million. And arrangements for two new electricity interconnectors to Britain are in place.
This is solid progress. But it does not represent the kind of ambitious can-do approach that would give Ireland a leading role in the development of ocean-based energy sources. Earlier this month, the United States ambassador to Ireland, Thomas P Foley, remarked that opportunities like this can be wasted and that “a greater sense of urgency was required” if we are to develop the knowledge base and the technological clusters required to become world leaders.
At a time of economic downturn, caused partially by high oil prices, we have to seize our opportunities. Ocean power is a largely unproven resource. But it has enormous potential. The west coast of Ireland has the highest average wave power in Europe, along with the greatest wind energy. We can, of course, benefit directly from wind energy. But the relevant turbine technology has been developed elsewhere. Wave and tidal-stream power is a different matter. We are at the cutting-edge of this technology in terms of research and development. Irish-built tidal-stream engines are being tested off Scotland and in Northern Ireland. Prototypes for wave power generators have been tested off Galway. A full-scale model will be linked to the national grid in Mayo and a guaranteed electricity price has already been set.
We need these new technologies. As a State that imports some 90 per cent of our energy requirements by way of oil, coal and gas, the sooner we harness available natural resources the better. If we can do that and, at the same time, develop new technologies to sell to the rest of the world, it will surely represent a virtuous cycle. Rather than hesitating at this point of development because of fiscal considerations, the Government should press ahead and invest heavily in the future. The State enjoys huge natural advantages over our EU neighbours in terms of available, off-shore energy. We must now exploit it and use the knowledge gained in that process to position the country as a world leader in the new, emerging technologies.