5. Statement by the Minister for Economy: Offshore Marine Energy

Part of the debate – in the Senedd at 4:12 pm on 17 May 2022.

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Photo of Vaughan Gething Vaughan Gething Labour 4:12, 17 May 2022

Well, I agree that there is significant potential within and around north Wales for tidal energy to be successfully generated at a large level with significant economic return. Our challenge is how we work with the private sector and the UK Government to get that off the ground, and it goes back to the point about needing to have a demonstrator project of significant scale to help unlock those technologies. That's why there's disappointment about the Swansea lagoon not having gone ahead.

But, we will carry on working constructively with the UK Government and others. We have shown—for example, in the investment that we have made in Morlais—that we are prepared to carry on investing, to see that industry come to fruition in the huge potential in north, south and west Wales. So, I can't give you a guarantee about future funding, and £50 million may sound like seed funding to you, but I can tell you that, in managing budgets within the Government, there isn't a spare £50 million around. But, we want to have a constructive conversation, as I say, with the UK Government and with the private sector, to realise the significant economic potential for Wales and beyond.