Euro 20m to be spent to help Ireland's energy situation

Some Euro 20m is set to be raised in the coming year to help Ireland have a secure energy supply and meet the country's demands for power, it has been stated.

In the past two years, Ireland's most advanced wave power company Ocean Energy has had a 28-tonne buoy at sea, producing a constant flow of wave power.

Now the company wants to raise the extra funds to create a network of energy farms in the Atlantic, which in total could produce enough electricity for use in 60,000 homes.

According to the Irish Examiner, John Keating, commercial director of Ocean Energy, said: "We're very excited by the results generated from the buoy in Galway Bay during the past two years.

"We installed a turbine in the system in August 2007 and she's out there generating power right now."

The move could really benefit Ireland following the recent fluctuations in the cost of fuel and the fact that global oil reserves are in decline.

A bill has recently been written and is awaiting approval to speed up the decision making process of offshore renewable energy projects in Ireland, the Sunday Business Post recently reported.



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