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In his Budget speech in the House of Commons, Chancellor George Osborne has recently confirmed that negotiations are opening on a £1bn tidal lagoon scheme in Swansea.
Following confirmation on Wednesday 18 March that commercial negotiations had begun, Mr Davey, UK Energy Secretary, said: "Tidal lagoons could provide 8% of our electricity needs, replacing foreign fossil fuels with clean, reliable home-grown electricity and creating fantastic economic opportunities."
Davey’s department said the negotiations would establish whether a guaranteed price for power generated by the lagoon would be "affordable and value for money", adding that the project was still subject to a planning decision.
Source: BBC