The Infrastructure Planning Commission’s examination of the application for the Tidal Lagoon Swansea Bay project has now closed. There will now be a period of 3 months for the Examining Authority to consider and make a final recommendation to the Secretary of State.
The proposed lagoon is being developed by Tidal Lagoon (Swansea Bay) plc, a special purpose vehicle company established specifically for the development of the project. The SPV will own and operate the developed Tidal Lagoon asset.
The 2014 Project Pipeline Update to the Wales Infrastructure Investment Plan notes the potential for tidal lagoons to bring up to £5bn of private sector investment to Wales. The Swansea Bay Tidal Lagoon was also named in the National Infrastructure Plan 2014, published by HM Treasury.
Commenting on its inclusion, Chief Executive, Mark Shorrock said:
“It’s another positive step towards tidal lagoon infrastructure becoming a mainstream energy solution. The Swansea Bay Tidal Lagoon provides the key to unlock large quantities of reliable, low cost, low carbon electricity for the next 120 years.
“Backing the Swansea Bay Tidal Lagoon also means backing a catalyst for British industry and exports, a new option for strategic flood defences, an opportunity to regenerate coastal communities and a vision for national energy infrastructure that can work hand-in-hand with nature.”
A macroeconomic impacts study published in July this year found that a national fleet of six tidal lagoon power plants would contribute £27 billion to UK GDP over the investment period 2015-2027.
The study said that since many of the components can be sourced within the UK, tidal lagoon infrastructure investment offers one of the best returns in terms of GDP impact per pound invested when compared to other energy investments.
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