A new report by Tidal Lagoon Power Ltd, which claims new tidal power generation facilities can be developed at a cheaper net cost to UK bill payers compared to other low carbon, new build power plant technologies.The firm – which is behind ambitious plans to develop a series of tidal lagoon’s starting with one in Swansea Bay – argues subsidies are needed to stimulate investment in all new build power facilities due to a “looming power deficit” in the UK. It adds that the National Grid will need a diverse mix of electricity generation technologies to make up the imminent supply short fall as more intermittent sources come online. The company is currently awaiting the findings of an independent Department of Energy & Climate Change (DECC) review – expected later this year – over whether to provide Contracts for Difference subsidies to its £1.3bn Swansea Bay Tidal Lagoon project. But while a recent ComRes poll may have found overwhelming backing for the Swansea project among Conservative MPs, the FT reported this week that the project could be undermined by the political uncertainty unleashed by last month’s EU referendum.
Business Green 12th July 2016 read more »