Hoping to build a £1.3 billion “sea Lagoon” in Wales for generating energy by harnessing the power of the tide were defeated after the government says the project does not offer value for and quality.
Business Secretary Greg Clark said that the scheme – which would be the first in the world – will not get public funding because his power will be made three times more expensive than energy from nuclear power plant Hinkley point.
At today’s prices, the same amount of energy from the lagoon over 60 years of age will cost £400 metres from wind farms, which cost is expected to decrease in the future.
Designed for the Swansea lagoon would see a six-mile Dam was built, which fills with the tide. Once the tide fell, within sea water is released through turbines to generate electricity.
This artist’s impression of how the breakwater in the Severn estuary would have looked
Developed by marine Lagoon Swansea Bay wanted to eventually build six of these lagoons, with the first developing about 0.15 PC power in the UK.
Announcing the decision in Parliament, Mr. Clark said that analysis of the project came to the “inescapable conclusion that, however, a new and attractive offers, the cost incurred by consumers and taxpayers will be much higher than alternative sources of low carbon power”.
This, he added, would mean that “it would be irresponsible to enter into a contract with a supplier.”
The Secretary of state noted that the analysis of the project is expected to generate 30 terawatt-hours of electricity per year by 2050, could cost £20 billion more than to produce the same amount of energy from wind and nuclear, once the financing, operation, and system costs were taken into account.
Laguna will saddle the average British household consumers with the bill, which was £700 higher between 2031 and 2050, Mr. Clark said.
The project will be included in the tourist centre with hope it became a tourist attraction
Despite rejecting the offer, said the business Secretary of the Government “believes in renewable energy and the benefits of innovation.”
The cost and the fact that the Laguna will only support 28 jobs during the construction phase was completed and weighed against him.
Tidal Lagoon came across the decision with chief Executive mark Shorrock said Mr Clarke was “obviously misinformed,” adding that the decision was a “vote of interest in Wales, there is no confidence in British manufacturing industry and not to protect the planet.”
“He says that the Swansea Bay Tidal Lagoon will cost three times that of nuclear,” the chief Executive added. “This is not true. Swansea Bay Tidal Lagoon will add just 30p to the accounts of consumers, while Hinkley point C will add £12 or more bills.”