Cheaper barrage alternative proposed for Severn
PUBLISHED: 09:00 13 June 2013
AN ALTERNATIVE energy scheme for the Severn Channel has already been unveiled and people from North Somerset and Somerset are being invited to invest to 'make it a reality'.
Tidal Lagoon (Swansea Bay) Plc says it wants to build a £700million tidal lagoon in the Severn which it says would be a ‘lower risk, lower impact’ construction than the £25billion tidal barrage plans from Hafren Power.
The lagoon would be positioned near Swansea on the Welsh side of the water.
It is now asking anyone living in the area between Devon and Bristol to invest in the scheme and has launched a £2million local community share offer, with individual shares priced at £800 each.
CEO Mark Shorrock said: “The share offer is a high risk investment as the proposed funds raised, being £10million in total, will be spent on the development phase.
“There is no guarantee of securing development consent or securing construction finance thereafter, which is expected to be in the region of £650-750million.
“However, I do want to underscore that as an investor you will be joining us in taking these risks although through your financial support you will be strengthening this project and help ensure it becomes a reality.”
Mr Shorrock added that a tidal lagoon is the ‘most viable’ option for renewable energy in the channel.
He said: “It isn’t our place to comment on the barrage but suffice to say that we have always believed that tidal lagoons are the most viable, cost effective and environmentally friendly alternative to traditional fossil fuel and nuclear electricity production. They combine proven technologies and civil engineering construction methodologies in an innovative configuration to generate predictable, clean electricity for our children, grandchildren and great-grandchildren.
“We therefore welcome comments by MPs on the Energy and Climate Change Select Committee recognising that tidal lagoons may have the potential to provide a lower-risk, lower-impact option for long term energy production in the Severn estuary.
“We therefore look forward to submitting our planning application in late 2013.”