Tidal power is the most reliable form of renewable energy, given that there are two high and two low tides per day. Despite the large construction costs, it can provide a long-term supply of renewable energy. The UK also has the opportunity to be the global leader in this form of renewable energy.
Until recently, Swansea Bay Tidal Lagoon was in the pipeline to be the first tidal lagoon in the world. On top of saving 236,000 tonnes of carbon each year, the lagoon would also have had large financial benefits:
- 2232 constuction and manufacturing jobs would be directly sustained by the build, plus more jobs in the supply chain
- The project would have contributed an estimated £316 million in Gross value added to the Welsh economy during construction, then £76 million in each year of its 120 years of operation.
- In becoming a major tourist attraction, the lagoon was expected to draw in 100,000 visitors each year.
- Two new turbine manufacturing facilities would be built in Wales.
However, in June 2018, after a long period of no decision, the plans for Swansea Bay tidal lagoon were shelved based on the high costs involved in the development of the project.
The government’s rejection of the scheme was based on the fact that it could supply electricity at £150 per MWh over 30 years. But the company- Tidal Lagoon Power- said that given a longer contract of 60 years, it could supply electricity at the same rate as Hinkley Point C nuclear power station, at £92.70 MWh.
The Welsh Government also offered a £200 million subsisy towards the £1.3 billion scheme, though it was decided that this wasn’t enough.
Date of Publication: 4.07.2018