Swansea Bay Tidal Lagoon has been back in the news recently with a pledge from the Welsh Government thought to be between £100 million to £250 million.
First proposed back in 2014, and reinforced with an independent review from Charles Hendry in 2017, Swansea Bay Tidal Lagoon has been waiting for the green light from the Government ever since.
As one of the first investors in the project, here are just a few reasons why we think that Swansea Bay Tidal Lagoon would be a great asset for the UK:
Dispatchable and reliable energy: Tidal lagoons are the perfect solution for harnessing the UK’s most reliable and abundant natural asset – the tide.
Tidal power is a brilliant way for Britain to diversify its fuel mix; while removing some of the uncertainties associated with traditional forms of renewable energy, such as wind and solar.
We know for a fact that the tide will go in and out four times a day every day – providing reliable, renewable power.
Closer to a 100% renewable UK: Once operational, Swansea Bay Tidal Lagoon will provide clean, green electricity for more than 155,000 homes for at least 120 years. The site will also make an important contribution towards national carbon emission reduction targets, saving over 236,000 tonnes of CO2 each year.
Following a successful pilot, we can expect more, bigger tidal projects that could provide the UK with up to 12% of our electricity. This would bring us leaps and bounds closer to a low carbon future, making us more energy-secure as a nation, and dramatically reducing our reliance on fossil fuels.
Reduced unit cost in further tidal lagoons: Swansea Bay Tidal Lagoon would be a pilot to test the technology. Further larger tidal lagoons are planned, with economies of scale and tried and tested technologies bringing down the price per unit of electricity.
In only 2015, offshore wind farms gained subsidies of £120 per megawatt hour. Through rapid development of the technology, skills and supply chains, the cost has dropped dramatically to just £57.50 for those set to generate in 2022. This goes to show what can happen when there is global appetite for a technology.
A whole new UK industry: Swansea Bay would be the world’s first tidal lagoon, creating thousands of UK jobs – in manufacturing, construction, operation and maintenance, as well as research and development.
By kicking off a British tidal lagoon industry, we are presenting the world with another incredible low carbon energy source, and our know-how and supply chain will be called upon should other countries look to take up this option.
Good Energy was one of the first investors in Swansea Bay Tidal Lagoon project, and we’re planning to buy 10% of the electricity generated for our customers. Alongside the Welsh Government, we hope that this new offer will prompt a decision from Westminster.