The new guaranteed price for wave energy of €0.22cent per KW hour is a particularly encouraging incentive for wave energy companies who are spending millions of Euro on the research and development of innovative wave technology. This guaranteed price, along with the other measures announced today, accelerates the development of commercial wave energy farms and will make investment in wave energy facilities a much more attractive proposition for major electrical utilities. 'Blue' power produced from the waves, will, in the long-term, be much cheaper for the consumer, safer for the environment and will have the added bonus of creating thousands of jobs here in Ireland."

Andrew Parish, CEO, Wavebob Ltd.

Wavebob Ltd. recently announced that they are the first Irish company and one of only a handful worldwide to have successfully harnessed wave power.  Recent trials in Galway bay of their prototype ocean wave energy converter were successful in producing electricity, putting the company firmly amongst the frontrunners of a small number of international companies vying to be the first to provide commercial-scale wave-power.