Chancellor George Osborne
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Swansea tidal lagoon: £1bn scheme included in Budget 2015

Chancellor George Osborne has said negotiations are opening on a £1bn tidal lagoon scheme in Swansea, in his Budget speech in the House of Commons.

The plan would see a giant manmade lagoon generating power to run 120,000 homes for 120 years.

Talks will focus on the amount of subsidy the scheme will get from a guaranteed price for its power.

In December, Energy Secretary Ed Davey announced "in-depth discussions" on the project had started.

  • 18 Mar 2015
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