The Welsh Economy Research Unit at Cardiff University has published a report on the economic potential of Swansea Bay Tidal Lagoon.
The report predicts that capital investment would be £756 million of which £300 million will be spent in Wales (40%). This could result in a total additional £454m of additional output in Wales. The development phase of the project could lead to the creation of £173m of gross value added for Wales.
The operational phase of the project after 2018 could support an estimated £5m in extra output for Wales, and £2.2m in GVA annually for the region.
Mark Shorrock, Chief Executive Officer explains: “We want to see the Swansea City region become the Supply Chain Hub for all tidal lagoons and are working up plans for a large scale assembly facility in the Swansea City Region.”
Roger Evans Chairman of the Welsh Manufacturing Forum added: “This development is absolutely in line with regional aspirations for Wales to become a hub for marine renewables given the electricity generation potential of the tidal resource around the Welsh coastline. The lagoon development is an exciting opportunity for Wales and the UK with the potential for over 10,000 MW of power from what Tidal Lagoon Power hopes will be a series of coastal tidal lagoons developed over the next decade.”
Offshore WIND staff, December 4, 2013; Image: swanseabaytidallagoon