The development of six tidal lagoon power plants across UK would contribute £27bn over the investment period 2015 - 2027 to the country's gross domestic product (GDP), according toCentre for Economics and Business Research's (CEBR) study.
Tidal lagoon infrastructure investment is expected to provide one of the best returns in terms of GDP impact per pound invested for the country when compared to other energy investments, since many of the components can be sourced within the UK.
Over the 120-year design life of the plant, the power plant fleet, upon operation, can supply 8% of the UK's electricity and make an annual contribution of £3.1bn to UK GDP.
The study assessed Tidal Lagoon Power's plans to construct six tidal lagoons in the UK and if the first lagoon is approved, construction will commence in Swansea Bay by next spring.
Some of the economic benefits with the investment in the UK fleet of tidal lagoons include contribution of £3.1bn per year to the UK economy while creating or sustaining as many as 6,400 jobs over a 12-year investment programme.
The tidal lagoon's annual export market is expected to worth as much as £3.7bn per year or an accumulated total of £70bn between 2030 and 2050.
Tidal Lagoon Power CEO Mark Shorrock said: "The UK will soon decide whether or not to embrace tidal lagoon infrastructure.
"Having analysed all of the costs and all of the savings associated with this decision, this study clearly demonstrates that the benefits to the national economy would be enormous, immediate and long-lived. Our proposals for Swansea Bay have proved that this can be done and establish a blueprint for an infrastructure roll-out that we now know could account for ten percent or more of UK growth."
Image: Investment in tidal lagoon infrastructure would contribute £27bn to UK economy. Photo: courtesy of luigi diamanti / Freedigitalpohots.net.