The Welsh Labour Government is now offering £200,000,000 of taxpayers’ money to the company behind the disastrously expensive Swansea Tidal Lagoon scheme.
The Welsh Labour Government has now written to the Conservative UK Energy Minister Greg Clark offering the money as a “loan” to the company on condition that the UK Government will offer to buy the hugely expensive electricity from Tidal Lagoon at a “strike price” which would be the equivalent of that to be paid to the Hinkley Point nuclear power station.
The Secretary of State for Wales – Alun Cairns (Conservative MP for the Vale of Glamorgan) has already dismissed the Welsh Labour Government’s “loan” saying that the money being offered isn’t new and has been put on the table before and doesn’t alter the “awful” financial arithmetic of the scheme.
Mr Cairns says the UK Conservative government is still working on trying to make the figures for the Swansea Tidal Lagoon project work – but – unlike Hinkley Point – so far the numbers for the Swansea project just don’t add up to a viable proposition for British taxpayers.
In Penarth there are fears that – were the Swansea Lagoon to go ahead – it could meant the environmentally disastrous Cardiff/Penarth Tidal Lagoon could be built next.
This is a scheme which would , in effect, draw a concrete a 60-foot-high concrete and rock curtain across the sea front of the whole of Penarth and cut off the views across the sea to Somerset forever.