Energy LagoonTuesday 19th August 2014
Can anything good come out of a lagoon - devotees of ‘B’ movies may argue now, but a ‘fleet’ of tidal lagoons could deliver huge financial and energy benefits to the UK. A study discovered that six tidal lagoon power plants would contribute £27 billion to UK GDP between 2015-2027.
The huge return is also due to the fact that many of the components can also be sourced within the UK, offering one of the best returns when compared to other energy investments.
The fleet would supply 8% of the UK’s electricity and make an annual contribution of £3.1 billion to UK GDP over the 120 year design life of the plant. Exports of up to £70bn could be secured by exploiting the UK’s leadership position across international markets.
The study, conducted by the Centre for Economics and Business Research, examined Tidal Lagoon Power’s plans to build six tidal lagoons in the UK – the first of which, if granted the relevant permissions, will commence construction in Swansea Bay next spring. The aggregate UK content for Swansea Bay is currently estimated at 71%, with almost 50% of total content being sourced in Wales itself.
Net exports could be increased by as much as £3.7bn per year - equivalent to 13% of the current trade deficit - through the displacement of fossil fuel imports by lagoon-generated electricity, the export of tidal lagoon electricity at times of over-supply, and the export of components and expertise to support the roll-out of tidal lagoon infrastructure overseas.
The project would also create or sustain up to 35,800 jobs on average and up to 70,900 jobs at its peak. The annual tidal lagoon export market could be worth as much as £3.7bn per year or an accumulated total of £70bn between 2030 and 2050.
So something coming out of the lagoon could be good and not scary - energy from the blue lagoon instead.
Source: Tidal Lagoon Swansea Bay.
Tuesday 19th August 2014