Report: Tidal Lagoon Power heads towards job cuts
- Authorities & Government
The continued delay on the funding decision by the UK government for the Swansea Bay tidal lagoon project may reportedly cause the company behind the scheme, Tidal Lagoon Power, to soon reduce the number of employees.
If the UK and Welsh governments’ discussions on the project prove unsuccessful, Tidal Lagoon Power (TLP) could be forced to reduce its workforce this month, the Guardian has reported, citing the source within the company, as well as TLP’s spokesperson who also confirmed this.
It has been more than a year since the Hendry Review into tidal lagoon power industry in the UK recommended that the UK government should go forward with the Swansea Bay tidal lagoon project, stating that it would be ‘a no regrets policy.’
More recently, the Welsh government pledged funding support for the project – and according to Bloomberg – the UK and Welsh officials are currently in talks to copy the agreement awarded to EDF for the Hinkley Point nuclear power plant in order to move forward with the project.
Commenting on media reports, TLP’s spokesperson said:
“The business has sufficient funds to take it through to a decision and the trigger of our next funding round. We understand that the talks between the UK and Welsh governments have been positive and we look forward to their conclusion.”
The Gloucester-based company employs around 70 people, according to its website.
The 320MW Swansea Bay tidal lagoon has been designed to last for 120 years. The £1.3 billion project will comprise 16 hydro turbines, a six-mile breakwater wall, and be capable of generating electricity for 155,000 homes.