• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 10 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
5 Hot Stocks In Today’s Most Competitive Markets

5 Hot Stocks In Today’s Most Competitive Markets

Cryptos, cannabis, cybersecurity and cobalt…

UK Government Rejects £25 Billion Tidal-Energy Barrage Project

UK Government Rejects £25 Billion Tidal-Energy Barrage Project

Hafren Power Ltd. submitted a plan to the British government to build a £25 billion ($40 billion) tidal-energy barrage across the river Severn, which would generate as much as five percent of the nation’s energy needs.

A government report into the barrage concluded that the project would not offer value for money, and could damage the environment. The government suggested that Hafren must improve its offer if it ever wishes to receive serious consideration.

Tidal barrages are fairly common in other countries, such as in the Netherlands, and generate energy from water as it travels in and out of rivers or bays due to the tide. Water moves into a rivers estuary as the tide increases, and then turbines create electricity as the water recedes with low tide.

Related Article: UK Wind and Marine Power Sector Employs Three Times as Many as Coal Industry

Andrew Cox, the global head of energy and natural resources at KPMG LLP, said that “financing such a large asset isn’t currently possible in the private market, not least due to the size of the financing required but also the significant construction risk involved. Government support would be the only means to finance such a scheme.”

Severn Tidal Barrage

The report claims that the project, which would be about 11 miles in length, would need to be supported by the state, in the form of power purchase agreements, for about 30 years, twice as long as offshore wind farms.

In its next plan submission Hafren must include more detail on the potential effect that the development will have on the environment, the economy, jobs, and the local industry.

Cox said that “the scheme would need a significant subsidy compared to current market prices and there seems to be little evidence that the technology can be sufficiently competitive.”

Related Article: UK Could Become Leader in CCS Market with North Sea Plans

Stephanie Merry, the head of marine renewables at the UK`s Renewable Energy Association, said that they should develop a smaller tidal barrage project first, and learn what they could, before attempting a far larger project such as the Severn Barrage.

She also suggested that instead of a tidal barrage the Severn would be a good location to install a tidal lagoon power facility, which can also generate large amounts of energy without the impact on the environment that a barrage has.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News