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| £1bn tidal lagoon 'desperately needed', Edwina Hart says | £1bn tidal lagoon 'desperately needed', Edwina Hart says |
| (about 4 hours later) | |
| Agreement on the subsidy for the £1bn Swansea tidal lagoon project is "desperately needed", Welsh Economy Minister Edwina Hart has said. | Agreement on the subsidy for the £1bn Swansea tidal lagoon project is "desperately needed", Welsh Economy Minister Edwina Hart has said. |
| The UK government is yet to confirm the "strike price" it will pay for energy generated by the planned lagoon. | The UK government is yet to confirm the "strike price" it will pay for energy generated by the planned lagoon. |
| Mrs Hart said that without "certainty" on subsidy it was difficult for the project to attract investment. | Mrs Hart said that without "certainty" on subsidy it was difficult for the project to attract investment. |
| The UK government said it was too early for the strike price to be agreed as it was carrying out checks on the project. | |
| The firm behind the scheme has told BBC Wales it would be "catastrophic" if the delayed project collapsed over funding. | The firm behind the scheme has told BBC Wales it would be "catastrophic" if the delayed project collapsed over funding. |
| Addressing AMs at a business committee meeting in Swansea, Mrs Hart said: "There is an elephant in the room. | Addressing AMs at a business committee meeting in Swansea, Mrs Hart said: "There is an elephant in the room. |
| "The tidal lagoon project, if they can't get certainty on strike price it's going to be very difficult for investment. | "The tidal lagoon project, if they can't get certainty on strike price it's going to be very difficult for investment. |
| "We haven't got clarity on the UK government's energy policies which makes it very difficult for the sector and we can't afford to have that. | "We haven't got clarity on the UK government's energy policies which makes it very difficult for the sector and we can't afford to have that. |
| "I know the strike price is absolutely mouth-watering compared to nuclear at Hinkley but we have to do something about it. | "I know the strike price is absolutely mouth-watering compared to nuclear at Hinkley but we have to do something about it. |
| "We desperately need that strike price. | "We desperately need that strike price. |
| "I've engaged with the UK government on this and had regular discussions with [Wales Office Minister] Lord Bourne, and will be continuing to press this issue on behalf of the tidal lagoon." | "I've engaged with the UK government on this and had regular discussions with [Wales Office Minister] Lord Bourne, and will be continuing to press this issue on behalf of the tidal lagoon." |
| Ioan Jenkins, Tidal Lagoon Power (TLP) development director, said the company "have to be confident" the UK government will pay the subsidy they want for power generated by the lagoon, but he would not reveal the figure. | Ioan Jenkins, Tidal Lagoon Power (TLP) development director, said the company "have to be confident" the UK government will pay the subsidy they want for power generated by the lagoon, but he would not reveal the figure. |
| TLP is asking for a higher subsidy than wind turbines, solar power and nuclear. | TLP is asking for a higher subsidy than wind turbines, solar power and nuclear. |
| "The challenge for everybody is it's the first of its kind in the world," Mr Jenkins told BBC Wales. | "The challenge for everybody is it's the first of its kind in the world," Mr Jenkins told BBC Wales. |
| "We've been working on this project for the last four years. | "We've been working on this project for the last four years. |
| "We know 86% of people here are in favour. We have to be confident. We are ready." | "We know 86% of people here are in favour. We have to be confident. We are ready." |
| He added: "It's in the hands of the politicians. Without that, we wouldn't be able to deliver the project. At this point we can't say any more than that. | He added: "It's in the hands of the politicians. Without that, we wouldn't be able to deliver the project. At this point we can't say any more than that. |
| "We believe it needs to happen. The whole world is watching this. We have interest from across the globe. | "We believe it needs to happen. The whole world is watching this. We have interest from across the globe. |
| "Is there a possibility it wouldn't happen? Of course there is, but we're doing everything we can." | "Is there a possibility it wouldn't happen? Of course there is, but we're doing everything we can." |
| He added the agreement could happen at any time and if the firm's self-imposed deadline of March 2016 is not met, it would not mean the end of the project. | He added the agreement could happen at any time and if the firm's self-imposed deadline of March 2016 is not met, it would not mean the end of the project. |
| The tidal lagoon on the eastern side of Swansea Bay, between the docks and the new university campus, would use the flow and ebb of the tide to generate energy, which would then be converted into electricity. | The tidal lagoon on the eastern side of Swansea Bay, between the docks and the new university campus, would use the flow and ebb of the tide to generate energy, which would then be converted into electricity. |
| Thousands of construction and manufacturing jobs could be created. | Thousands of construction and manufacturing jobs could be created. |
| TLP also needs to gain a marine licence from Natural Resources Wales but Mr Jenkins said this is expected to be granted "in the next few weeks". | TLP also needs to gain a marine licence from Natural Resources Wales but Mr Jenkins said this is expected to be granted "in the next few weeks". |
| TLP received backing by the DECC in June but the start date for work has been pushed back to 2017 as negotiations of subsidy continue. | TLP received backing by the DECC in June but the start date for work has been pushed back to 2017 as negotiations of subsidy continue. |
| Earlier this month, the Welsh government accused the UK government of "dithering over funding". | Earlier this month, the Welsh government accused the UK government of "dithering over funding". |
| How would the lagoon work? | How would the lagoon work? |
| Source: Tidal Lagoon Power Ltd | Source: Tidal Lagoon Power Ltd |