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£1bn Swansea Tidal Lagoon 'not a footnote' - boss £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 has given its reaction, more than a week after an independent review was ordered into its feasibility. The company behind a £1bn tidal lagoon project for Swansea Bay believes it still has backing from within the UK government.
Keith Clarke, chairman of Tidal Lagoon Power, said: "We are confident that tidal lagoons are no longer a footnote in UK energy policy." 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.
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.
The government's review will create a framework for the industry that will affect other companies wanting to develop the technology - not just Tidal Lagoon Power.
Mr Clarke, welcoming the review, said: "The time has now come for tidal power and we hope that the review process will ensure we get to deliver, long term, home grown and cost effective electricity for many generations to come."
He said the UK government had asked for clarification on the lagoon's financial and technical viability.
"This is particularly encouraging as it signals the strength of our offer for Swansea Bay and our future programme of lagoons. Furthermore, this will help to secure investor confidence.
"We now look forward to working with government over the coming months."
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 LtdSource: Tidal Lagoon Power Ltd