Business

Lagoons could lead to £27bn boost

CONSTRUCTING six tidal lagoons around the coasts of Britain to harness power from the tides would contribute £27billion to the UK economy over 12 years, a report has suggested.

Once built, the fleet of lagoons would supply 8 per cent of the UK's electricity and would contribute £3.1 billion a year over their 120-year lifetime, the study by the Centre for Economics and Business Research (Cebr) said.

The programme would also create thousands of jobs, cut carbon emissions and, by putting the UK at the forefront of developing the technology, could help secure up to £70 billion in exports. Lagoons could also have other benefits such as providing flood protection to at-risk coastal communities, the study suggested.

The report examined proposals by renewables company Tidal Lagoon Power to build a series of tidal lagoons around the western coast of the UK, the first of which is planned for Swansea Bay.