Plans to build the “high risk” Severn Estuary barrage tidal energy project in the UK have been scrapped.

The 10-mile dam, valued at £30bn ($47.6bn), would have harnessed water power using a hydro-electric dam but would be filled by the incoming tide rather than water flowing downstream, according to BBC news.

The dam was supposed to produce 5% of the UK’s energy but the study into the plans found that there was no strategic case for the scheme.

The feasibility report also showed that it would have been difficult to attract private investment into the project.

Energy Secretary Chris Huhne, a liberal democrat minister, also announced that eight new nuclear power stations will be built in the UK by 2025, despite having campaigned against them during the election.

The sites will be at Bradwell in Essex, Hartlepool in Tees, Heysham in Lancashire, Hinkley Point in Somerset, Oldbury in Gloucestershire, Sellafield in Cumbria, Sizewell in Suffolk and Wylfa in Anglesey.