fbpx

Swansea Bay Tidal Lagoon made “Substantial” Offer by Welsh First Minister

Swansea Bay Tidal Lagoon made “Substantial” Offer by Welsh First Minister

Hannah McCartan
17th January 2018

First Minister Carwyn Jones has pledged a “substantial” investment from the Welsh Government to help kick-start plans for the Swansea Bay Tidal Lagoon.

Though no exact figure has been given, a source in the Welsh Government told BBC Wales that the sums involved in the offer could be in the tens of millions of pounds.

Though it has been almost a year since an independent review recommended the UK Government back the scheme, the company behind it have been struggling to agree any subsidy with UK ministers.

Despite Jones’ claim that the lagoon would help the UK to become “a world leader in a new global industry”, there have been concerns raised about the scheme’s “value for money”, especially given that a strike price for the energy it would produce has not yet been agreed.

“Transformative project”

The lagoon is expected to cost £1.3 billion, and create thousands of new jobs. If the project is given the go-ahead, it is believed it could supply a significant proportion of the UK’s energy.

This would be good news for Swansea landlords as new job opportunities are likely to increase the demand for quality, professional accommodation towards the east of the city – and perhaps further afield, as some people are likely to be comfortable with a short commute.

In a letter to the Prime Minister Theresa May, Jones said there was a “growing sense of frustration among the Welsh business community and an increasing risk that the lack of a decision will turn into a decision not to proceed.”

He urged the UK Government to “stop stalling”, and called the project “transformative”.

We are still awaiting the answer from Theresa May and the UK Government.

Source: BBC / Tidal Lagoon Power

Related: Swansea Regeneration Set to Boost Rental Demand

Other articles like this

Buy-to-Let Deal of the Month: 9.5% Yield
Buy-to-Let Deal of the Month: 9.5% Yield
My Buy to Let Deal of the Month is back! New on the market with Dawsons for £59,950*, this one bedroom property in Sketty Park is in need of full modernisation. It’s ...
Short Letting in Lockdown? 8 Questions You Must to Ask
Short Letting in Lockdown? 8 Questions You Must to Ask
The Coronavirus Act 2020 effectively shut down all short-stay rental accommodation with immediate effect. Many landlords I know (myself included!) were keen to support our amazing frontline key workers during ...
Swansea Rental Housing Update
Swansea Rental Housing Update
In a clear indication that Swansea landlords aren’t marketing their properties during lockdown, the number of properties currently available for let in Swansea has dropped for the first time this year.     The ...
Report Maintenance