Tidal Lagoon Power values sector at £71 billion

The report coincides with the launch of the company's tender for a manufacturing plant

The potential value of the tidal lagoon sector in the UK industry will be £71 billion, claims a report launched by Tidal Lagoon Power.

The report titled Ours to Own claims the value will be £17 billion for domestic market turbines and generators, £24 billion for domestic market turbine housings, and £30 billion for exports to the international tidal lagoon market.

The report also claims there will be more than half a billion pounds invested in UK industrial facilities.

The immediate opportunity is for the UK’s engineering, construction, steel and manufacturing industries to win contracts totalling more than £800 million at Swansea Bay and more than £6 billion for the first project to commence at Cardiff, claims the report.

Mark Shorrock, Tidal Lagoon Power’s chief executive, said: “This report captures the hard work of today’s industrialists to ensure tidal lagoons are British-engineered, that the manufacturing supply chain is British, and that we seize and own what can be a £70 billion sector for this nation.”

This report comes as the company launched a tender for a £22 million turbine manufacturing and pre-assembly plant in Swansea Bay. The 100m long plant will receive turbine components from manufacturers across Wales and Britain, with all machining and pre-assembly of the sixteen 7.2m runner diameter turbines taking place on site. The facility will initially employ up to 100 workers, with an additional 150 project workers accommodated in an onsite office welfare area. 

The report can be accessed here.