Can I thank the Member for his questions? I apologise for the lateness of his receipt of the statement. I, too, received the statement, due to it being redrafted at very late stages, just a few minutes ago. But I have to say, I've been there when tough decisions have had to be made, and the Member identifies the Circuit of Wales decision as one primary example of how, in the face of intense public pressure and campaigns for a project to be given the go-ahead, you have to make sure that you assess it on the grounds of value for money and the wider benefits that a project can bring. But this project is distinctly different to the Circuit of Wales. The Circuit of Wales would have been on balance sheet. It would have required a potential £300 million of Welsh Government spend be put on hold as a consequence of that adjudication being that it had to be on balance sheet. The Circuit of Wales was not backed by an independent review by a former energy Minister. And, let's just remember, the main point of this project was that it was a pathfinder project and, as a pathfinder project, you would always expect additional costs to be incurred. The value-for-money test of a pathfinder project should be very different because of the opportunity costs that could be incurred in not pressing ahead with a particular project.

In terms of the Member wishing that it could have been a positive decision, I reflect on possibly what would have happened had David Cameron not called for a referendum on our membership of the EU. He would likely still be there as Prime Minister, we would not be facing the catastrophe of failed Brexit negotiations and, in all probability, given his personal support for this scheme and its inclusion in the 2015 Conservative Party manifesto, we would have seen a very different decision being reached yesterday. We may well have also seen a different decision over electrification. And for those reasons, I put responsibility for the decisions that have been made firmly at the door of Theresa May as Prime Minister and leader of the Conservative Party in Government in the UK.

Now, in terms of engagement, the developers contest the figures that have been produced. I received the detailed appraisal today. I've asked my officials to carry out a thorough assessment of it, but, again, as a pathfinder project, costs are always going to be higher. If we look at the development of onshore and offshore wind, costs were higher 10 years ago than they are today, and it's the opportunity costs that we now face having been lost. The opportunity costs could be substantial indeed if Wales does not become a world leader.

Now, the Member rightly identifies the point that was made in Parliament yesterday—the assurance that the UK Government is in receipt of proposals from what they say are other promoters of tidal energy schemes. I think we need to know who, and where those schemes are being promoted and where they would be installed, because we don't know, as of yet, whether any of those schemes—I understand that there are perhaps as many as half a dozen—are based on Swansea bay. We don't know who the promoters of those schemes are. We don't know what the costs will be of seeing those schemes through to completion. So, we await with very, very great interest the detail of those particular proposals.

I think we also need to make sure that discussions are maintained with city deal partners. I met yesterday with leaders of the Swansea bay city deal, and it's absolutely essential that we look not only at the future of marine energy in Swansea bay, but also at the wider economic development and regeneration of the region. I'm acutely conscious of the impact that this decision and the u-turning on electrification has had on the communities of Swansea bay, and in particular Swansea city itself. Granted, the UK Government will not be to blame for this, but, in addition, Swansea faced relegation this year from the Premier League. All of these factors contribute to a negative impact in terms of confidence and self-belief. That has to be addressed. The Welsh Government will work relentlessly and tirelessly with the local authority and partners across the Swansea bay city region to find investment projects that can rebuild the confidence of the people of Swansea and ensure that the marine energy industry in Swansea bay, and across Wales, has a very strong and positive future indeed.