Negotiations between the English and Welsh governments over the Swansea tidal lagoon power project have gathered pace.
The Independent reported that the two sides are exploring the possibility of using a plan similar to that used to fund the Hinkley Point nuclear power plant project.
Initially, Tidal Lagoon Power – the developer for the Swansea Bay scheme – had proposed selling the energy at a price that was a third higher than that offered by Hinkley Point. However, ministers are now in talks to offer a deal whereby power will be provided for the same price as the nuclear plant.
The Welsh Government has been working hard to ensure that the project goes ahead and that a deal can be reached with the developer that will work for everyone.
If the scheme is constructed, it will be the first tidal lagoon power plant in the world, and will be capable of generating enough electricity to power 155,000 homes for 120 years, Tidal Lagoon Power states.
The organisation notes that construction is expected to take four years and, according to its website, it is hoping to start this work in 2018. The economic benefits for the Welsh economy are substantial, and it is expected to generate £316 million gross added value during construction, with £76 million in each year it’s operational.
Many MPs on the back benches are in favour of the project getting started, because of the benefit it will bring to the UK’s economy as a whole, not just Wales, during its construction.
For such a specialist development, the firm will no doubt be using bespoke engineering services – if you need help with a project that’s unique or unusual, contact us to find out how we could help.