Tidal lagoon project to cost 30p per household
A £1.3 billion tidal lagoon energy project, which would cost around 30p per household, has been backed by a government-commissioned review.
The report, led by former Energy Minister Charles Hendry, says the ‘pathfinder’ project in Swansea would kick-start a tidal industry which could play a cost-effective, reliable and sustainable role in the UK’s energy mix.
It adds Tidal Lagoon Power’s project would benefit the UK supply chain and be highly competitive with other low carbon sources of power, particularly when compared to nuclear over a long period.
Accorridng to the report, Britain is a world-leading site in terms of the tidal resources available to be tapped into.
Mr Hendry said: “The costs of a pathfinder project would be about 30p per household per year over the first 30 years. A large scale project would be less than 50p over the first 60 years. The benefits of that investment could be huge, especially in South Wales but also in many other parts of the country.
“Having looked at all the evidence and spoken to many of the key players on both sides of this debate, it is my view that we should seize the opportunity to move this technology forward now.”
The review makes a number of recommendations, such as the need for a long term government tidal strategy to ensure the full supply chain and cost reduction opportunities can be realised.
It says a competitive tender process for projects will need to be established, along with a Tidal Power Authority, which would designate suitable project sites.