The government should not abandon a £1.3bn tidal power project in Swansea Bay even though other forms of renewable energy are growing increasingly cheaper, according to the former minister whose official report recommended the scheme. Charles Hendry, 58, acknowledged that Swansea Bay would be significantly more expensive than the latest offshore wind projects but said tidal power could make similar cost improvements with government backing. Mr Hendry, a Conservative who served as energy minister in the coalition government, endorsed the Swansea scheme in a government-commissioned report published last January. But the government has not approved the plan, which one minister described as “eye-wateringly” expensive. Offshore wind prices have since dropped from an average £117.14 per megawatt hour in 2015 to as low as £57.50/MWh in the latest contracts awarded last September.
FT 16th Jan 2018 read more »