Written by John Bayliss
Senior Account Executive
The future of tidal lagoon energy is likely to be announced on Thursday after the UK Government announced that it would be publishing the findings of the independent Hendry Review, set up to examine the viability of the industry amongst other technologies in the competitive renewable energy sector.
Embargoed until Thursday after an initial delay, it is widely expected that the review will give the thumbs up once published by the UK Government.
After eight months of evidence gathering, former Energy and Climate Change Minister Charles Hendry handed his findings to the UK Government in November 2016.
Conservatives in the driving seat
The Conservative Government’s acceptance and support of the Hendry report has yet to be seen and we’ll likely find out on Thursday if ministers pledge any financial support.
The continued reticence from officials over the level of subsidy awarded to a scheme, known as the ‘strike price’ might, however, continue to be a sticking point as negotiations resume.
Representing a £1 billion pound investment into the local Swansea Bay economy, the first lagoon planned for the United Kingdom is seen by local civic leaders and the business community as a gateway to unlocking significant benefits for the region.
Kick starting a brand new industry in South Wales, thousands of jobs could be created in the manufacturing of turbines and other vital lagoon components.
Already awarded planning permission and with £35m already spent on the Swansea Bay project alone, Tidal Lagoon Power Ltd has already invested significant resources into making the first instillation a reality in Wales.
Lagoons for all
It will be interesting to see whether the Hendry review and the ‘pathfinder’ lagoon in Swansea Bay is able to forge the way for an industry which already has plans for further lagoons across the UK, with Cardiff, Colwyn Bay, The Cumbrian Coast & Bridgwater having been identified as potential sites for this new and exciting technology.