Tidal Power Ltd, which set up Tidal Lagoon Plc, a holding company to finance the development of full-scale tidal lagoons to generate clean power in the UK and abroad are hoping to build their first project in Swansea bay. However, this is provided that a guaranteed price for the electricity generated is given shortly and there be knowhow for jobs within a new industry with a relatively local supply chain.
The project has seen £10m of new investment from the Gupta family (involved in SIMEC group) with the aim of developing the technology in both the UK and India. As well as planning the first project for Swansea Bay, other potential sites in the UK include Cardiff Bay, Newport, Colwyn Bay, Bridgewater Bay and West Cumbria; the Gulf of Khambhat, Gujurat, in western India is also being investigated for potential sites for the technology. However, the news is not all positive with a call for an independent review of the technology before deciding on whether to offer support for the project(s) and Prime Minister, David Cameron, saying his enthusiasm for tidal lagoon technology was “reduced” by the costs.
Tidal lagoon Swansea Bay chief executive, Matt Shorrock, has suggested the review presents a signal that the government sees potential in the technology but has also warned that the review should not delay any funding decision for the Swansea project. The review is due to start in the Spring and look at the cost effectiveness of the technology, the potential scale for deployment in the UK and internationally, supply chain opportunity, structures for financing, size range for first of a kind projects and whether a competitive framework for tidal lagoon projects could be developed.