Tidal energy projects provide long-term price stability because the ‘fuel’ is free. This creates force-and energy-that can be transformed into something useful, like electricity. Tides are caused by the gravitational pull of the sun and moon, and the rotation of the earth, moving the oceans. Tides provide Nova Scotia with a predictable and consistent form of renewable electricity. Since its project began, Cape Sharp Tidal has awarded $33 million in local procurement contacts to companies like Hawboldt Industries, Aecon Group, Lengkeek Vessel Engineering, and Atlantic Towing. Local businesses-large and small-are already getting in on the action. Tidal energy offers significant economic opportunities.īy 2040, the tidal energy industry could contribute up to $1.7 billion to Nova Scotia’s gross domestic product (GDP), create up to 22,000 full-time jobs, and generate as much as $815 million in labour income, according to a study commissioned by the Offshore Energy Research Association of Nova Scotia (OERA). We are harnessing the power of the sun and moon to create energy from the tides – right here, right now, in Nova Scotia.
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