Plans for a new £1.3bn tidal lagoon in Swansea Bay have been refused taxpayer subsidies by Greg Clark, business secretary, in a move that sounds the death knell for the innovative clean energy project.
The tidal lagoon project, would have been the first ‘green energy’ tidal power scheme in the UK. This decision deprives the Welsh economy of a £500 million boost and 2,000 jobs .
Mr Clark was criticised by MPs as he told the House of Commons that the project did not meet the government’s requirement for value for money — and that it would be “irresponsible” to agree to the deal.
Tidal Lagoon Power, the company behind the scheme, had been left hanging for nearly 18 months while ministers and officials prevaricated about whether to give the scheme the go-ahead.