Tidal Lagoon Power has this week published an authoritative study which aims to compare the full life-cycle costs of electricity generating projects, in order to inform people about the real costs of electricity generation.
The analysis and report, carried out by in-house specialists, provides some interesting outputs in the form of league tables of cost for various electricity generating technologies.
Renewable technologies are undercutting fossil fuel and nuclear
The proposed tidal lagoon around Cardiff comes in cheapest, followed by various forms of renewables, including onshore and offshore wind, and solar power. Gas and nuclear only come after these cheapest forms of energy generation.
The analysis takes no account of factors which add costs to traditional generators such as freshwater use, air pollution (and the mortality and morbidity arising from this), greenhouse gases, fuel cost volatility hedging costs, the Merit Order Effect, occupational hazard, nuclear pollution, nuclear risk underwriting, security of supply or virtual grid benefits. All these factors have real-life consequences which add to the cost of fossil fuel and nuclear generators, further underlining the benefits of renewable energy.
Commenting on the report, David Clubb said:
“Tidal Lagoon Power is to be congratulated on putting this piece of research in the public domain. It’s an important piece of evidence which continues to build the case for renewable technologies, and demonstrates the high cost of nuclear and fossil fuel technologies”.
“We look forward to the outcome of the ongoing review which we believe should endorse the use of Tidal Lagoons in the UK as part of a balanced and low-carbon energy mix.”