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£1bn Swansea Tidal Lagoon boss confident of long term deal | |
(about 7 hours later) | |
The company behind a £1bn tidal lagoon project for Swansea Bay believes it still has backing from within the UK government. | |
Tidal Lagoon Power has revealed to BBC Wales that on the same day as an independent review was ordered, it received a letter from a minister. | |
Chief executive Mark Shorrock said the cost could now be spread over 90 years rather than 35 years. | |
The UK government will not comment on the letter. | |
The Swansea lagoon would be the first of six around Britain's coastline, which it is claimed could generate 8% of the UK's electricity, with a life cycle of 120 years. | |
The company also hopes to develop lagoons at five other sites around the UK, including three in Wales. | |
Mr Shorrock told BBC Wales it had a "compelling" case and believes the review will show tidal energy makes sense for the UK. | |
On the day it was announced last week, he received a letter from Energy Secretary Amber Rudd, which he said showed the UK government was prepared to look at long term funding for the project and future lagoons. | |
He said he had given a lot of information to the UK government which would now be assessed independently, while it was entering the detailed elements of negotiating the electricity strike price. | |
"We love the review because it's going to find and validate that there's cheap power to be had from our home-grown power sources - our tides here in the Severn and Liverpool Bay," he said. | |
The review will report in the autumn. | The review will report in the autumn. |
Building work has already been delayed by a year after talks stalled over how much public money it would need. | Building work has already been delayed by a year after talks stalled over how much public money it would need. |
The company had been calling for a decision on a guaranteed price for the energy it would produce to be made by next month. | The company had been calling for a decision on a guaranteed price for the energy it would produce to be made by next month. |
But the review, starting this spring, will not give any answers before later in 2016 at the earliest. | But the review, starting this spring, will not give any answers before later in 2016 at the earliest. |
Energy Minister Lord Bourne has said it would bring clarity. | Energy Minister Lord Bourne has said it would bring clarity. |
"I want to better understand whether tidal lagoons can be cost effective, and what their impact on bills will be - both today and in the longer term," he said. | "I want to better understand whether tidal lagoons can be cost effective, and what their impact on bills will be - both today and in the longer term," he said. |
How would the lagoon work? | How would the lagoon work? |
Source: Tidal Lagoon Power Ltd | Source: Tidal Lagoon Power Ltd |
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