The UK could become a net exporter of electricity using just a third of its marine energy potential, according to a new report.

Using only one-third of its marine energy potential including offshore wind, tidal and wave technologies the UK could utilise marine energy for investment and secure future energy supplies, according to a report by the Offshore Valuation Group, a group of government and energy industry organisations.

Crown Estate marine director Rob Hastings said marine renewable energy could provide substantial jobs and investment opportunities for the UK, as well as an alternative secured energy supply and export potential for clean electricity, reports the BBC.

According to the report, by 2050, offshore renewable technologies could generate as much energy as the average annual output of the UK North Sea oil and gas production over the past four decades.

Clean energy capacity will also reduce carbon emissions, boost tax revenues and export earnings.

The Offshore Valuation Group comprises government and energy industry organisations including the Department of Energy and Climate Change (DECC), the Scottish Government, The Crown Estate, Scottish & Southern Energy, RWE Innogy and E.ON.