The Centre for Economics and Business Research investigated the plans of Tidal Lagoon Power’s to develop a fleet of six lagoon power plants, and found that the investment offers one of the best returns, in terms of GDP, when compared to other energy investments.
“The UK will soon decide whether or not to embrace tidal lagoon infrastructure. Having analysed all of the costs and all of the savings associated with this decision, this study clearly demonstrates that the benefits to the national economy would be enormous, immediate and long-lived,” said cMark Shorrock, chief executive of Tidal Lagoon Power, in a statement alongside the report.
Tidal lagoon power offers a higher value of return to the UK because much of the infrastructure components can be sourced within the UK, according to the report.
For Tidal Lagoon Power’s planned Swansea Bay project the aggregate UK content for the project is estimated at 71 per cent, with almost 50% of total content being sourced in Wales itself.
In addition the operation of the lagoons will result in 6,400 jobs, the report said.
“To realise this opportunity in full, we will have to marry economic benefit with environmental sensitivity and social acceptance. Our proposals for Swansea Bay have proved that this can be done and establish a blueprint for an infrastructure roll-out that we now know could account for ten percent or more of UK growth,” Shorrock said.