UK tidal lagoons to lure £27bn in investment says CEBR
Development of six tidal lagoon power plants across UK is expected to contribute £27bn over the investment period 2015-2027 to the country’s gross domestic product (GDP), according to a study by Centre for Economics and Business Research (CEBR).
By K.Steiner-Dicks on Jul 25, 2014
The study assessed Tidal Lagoon Power's plans to construct six tidal lagoons in the UK and if the first lagoon is approved, construction will commence in Swansea Bay by next spring.
The tidal power project once operational is expected to supply 8% of the UK's electricity and make an annual contribution of £3.1bn to UK GDP, according to reports.
Tidal lagoon infrastructure investment is expected to provide one of the best returns in terms of GDP impact per pound invested for the country when compared to other energy investments, since many of the components can be sourced within the UK.
Notably, the investment in the UK fleet of tidal lagoons includes an anticipated annual contribution of £3.1bn to the UK economy in addition to job creation to the tune of 6,400 jobs, over the 2-year investment programme.
The tidal lagoon's annual export market is expected to worth as much as £3.7bn per year or an accumulated total of £70bn between 2030 and 2050.