- The Tidal Lagoon Power project would have cost £1.3billion
- More than £35million has been spent on developing the project
- Business Secretary Greg Clark said it was not value for money
A scheme to build the world’s first power station powered by wave energy in a lagoon was scrapped on cost grounds last night.
The Tidal Lagoon Power project would have cost £1.3billion and seen the construction of a U-shaped sea wall with turbines in Swansea Bay in South Wales.
More than £35million has been spent on developing the project – a mixture of public and private money.
The Tidal Lagoon Power project would have cost £1.3billion and seen the construction of a U-shaped sea wall with turbines in Swansea Bay in South Wales (pictured: a visualisation of the project)
The lagoon had been backed as a ‘pathfinder’ project to develop the tidal technology by an independent review for the Government that would pave the way for similar clean energy plants along the British coast.
But Business Secretary Greg Clark yesterday told the Commons the project did not demonstrate value for money for consumers and the taxpayer.
Labour business spokesman Rebecca Long-Bailey said Labour would consider reinstating the project if it got into power, adding: ‘The Tories have defied all logic and failed to make the right decision for our economy, the people of Wales and the future of our planet.’
RenewableUK chief executive Hugh McNeal said: ‘This decision is deeply disappointing and shows a lack of vision.
‘Tidal lagoons have massive potential to meet our national energy needs and create jobs.’
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