The oil in Scotland's waters has brought lucrative businesses to Aberdeen, creating highly-skilled jobs for many people across North-east Scotland and beyond.

But although individuals have benefited through working in the oil sector, it has been the London treasury rather than Scotland that has benefited from the tax income on North Sea oil and gas. This year, the Treasury has been propped up to the tune of a record £13.2 billion, with another £55 billion expected over the next six years.

Today we stand on the brink of a new energy boom in Scotland's waters. Scotland has the potential to generate 25% of Europe's offshore wind power, 25% of Europe's tidal power and 10% of Europe's wave power. The massive economic potential of being able to generate so much clean, renewable energy should not be underestimated, and can have a huge impact on the Scottish economy for generations to come.

That is why I was delighted by two separate events in recent weeks that bring us closer to achieving our energy potential.

Firstly, the European Commission published their Strategic Energy Review which has identified the construction of a North Sea supergrid as one of the six priority infrastructure projects needed to secure Europe's future energy supplies.

This project will allow Scotland to sell excess energy to the rest of Europe and is a critical incentive to commercial companies to develop renewable energy projects off Scotland's shores. That is why the Scottish Government has been pushing hard in Europe for it to be adopted, and I sincerely hope that we will see further progress.

The second major event was the announcement of the criteria for winning the Saltire Prize. This £10 million prize will spark a race to develop commercially viable wave or tidal power projects that can generate a minimum of 100GWh over a continuous two-year period. Most importantly, however, these innovations will take place in Scottish waters.

Scotland may have lost out for decades as Scottish oil revenues have been pumped south to keep the UK solvent, but we must not lose out again. There is huge potential for another energy boom in our waters, and this time it must be Scotland that reaps the benefits.

Engineers of the future

KEY to harnessing the potential energy off our shores will be the considerable experience and skills held by Scottish engineers who have worked offshore in the oil and gas industry.

Yet more important still may be the role to be played by young engineers who are only beginning their careers.

That is why I was delighted to hear that members of Banff Academy's Young Engineers Club have won the SCDI's award for best young engineers' club in Scotland. The members of the club can all be justifiably proud of their accomplishments, lifting their 12th award in three years, thanks to their innovative engineering projects.

I extend my heartfelt congratulations on their success and wish them the best of luck when they go on to compete in London for the UK title.

Scotland has a long tradition of engineering excellence, and it is extremely pleasing that young residents of Banff and Buchan will be at the forefront of our next generation of engineers.

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