Bord Gais announces Investment into Wave Power

Bord Gais announces Investment into Wave Power

Bord Gáis has announced it will invest in the company Tonn Energy which will develop an electricity system that will generate energy from wave power from the sea. The leading energy provider in Ireland will become a 20% stake owner of the wave power company which is a joint project of Irish company Wavebob that develops wave technology and Vattenfall, one of Europe’s largest energy companies which also collaborates with the EBS International.

The news of Bord Gáis investment in the Tonn Energy coincides with the Europe’s Energy Commissioner Guenther Oettinger warning about the consequences of oil and gas rise of prices for Europe that is the largest importer of energy in the world. In his strategy paper called the Energy 2020, Oettinger reveals a plan which foresees an investment of 1 trillion euros in over the following ten years to encourage networks and solidarity. The plan is primarily focused on reducing the European energy import and stimulating renewable energy projects. The money that is required for investments in renewable energy projects will be provided by governments and energy companies.

The European Energy Commissioner has also stated that the narrow interests of individual countries have to end and called the European political leaders to support his plan at the European Union energy meeting that will be held on February 4, 2011.

One day before Oettinger’s call to the European Union, the Energy Agency issued a forecast which says that the oil supplies will achieve the peak around year 2035 and that the price for a barrel will be over $200. However, Oettinger estimates that problems with adequate oil supply could occur already before 2020 and for that reason it is crucial that Europe reduces oil import and starts investing into alternative energy projects.

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