A new Cebr report published today assesses the economic benefits that could be derived from Tidal Lagoon Power Ltd.’s proposed construction of six tidal lagoons across the United Kingdom. ‘Key findings from the study include:

• The construction of the six proposed lagoons could contribute a total of £27 billion to UK GDP over the twelve year construction period, sustaining an annual average of 36,000 jobs over the period and up to 71,000 jobs at its peak.
• Once fully operational, the lagoons could contribute £3.1 billion in GDP annually over the 120-year design life and could produce enough energy to power almost 8 million homes.
• Taking into account the balance of payments effect, the operation of the lagoons could create or sustain as many as 40,000 jobs, contribute £5.8bn in GDP per year to the UK economy and account for 0.24% of annual GDP
• Construction of the lagoons will involve sourcing a high proportion of components from within the UK, which will ensure that the investment programme delivers one of the best returns in terms of GDP impact per pound invested across the entire energy sector.
• The export of tidal lagoon electricity and of the components and expertise to support the delivery of tidal lagoon projects abroad, combined with a reduction in fossil fuel imports, could increase net exports by as much as £3.7 billion per year by 2040, equivalent to 13% of the current trade deficit.

The report also highlights the benefits that tidal lagoons will bring to the local areas in which they are built.’ To read more click here