Planning decision on Swansea Bay Tidal Lagoon

RNS Number : 6990P

Good Energy Group PLC

10 June 2015

 

10 June 2015

Good Energy Group PLC

("Good Energy" or "the Company")

Good Energy welcomes planning decision on Swansea Bay Tidal Lagoon

Good Energy welcomes yesterday's decision by planners to grant approval for the Swansea Bay Tidal Lagoon project in South Wales.

The project, which draws upon existing technology, will have an installed capacity of 320MW, and is forecast to start generating electricity in 2018. Good Energy has an option over 10% of the output from the project, currently forecast at 495GWh per annum,  in a deal that includes a minority equity stake in Tidal Lagoon (Swansea Bay) PLC.

Juliet Davenport OBE, Chief Executive and Founder of Good Energy, said:

"It's excellent news that Tidal Lagoon Swansea Bay has got the go-ahead from planners. This is an exciting project, providing a great opportunity for the UK to diversify its sources of renewable electricity and help us to become more energy secure as a nation.

"Investing in the project will enable us not only to further diversify our sources of renewable electricity which we will need to supply to our growing customer base, but also to enhance our forecasting capability through predictable generation.

"This kind of renewable generation project harnesses transformational technology and lies at the heart of everything Good Energy is about, and we're delighted that it has received planning approval."

Once operational, the development is forecast to provide electricity for more than 155,000 homes for 120 years.

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For further information, please contact:

Good Energy Group PLC

Juliet Davenport, Chief Executive

Denise Cockrem, Chief Financial Officer                               01249 766795

Arden Partners plc (Nomad & Broker)          

Steve Douglas           

Michael McNeilly                                                                      012 1423 8900

Camarco (Financial PR Adviser)

Geoffrey Pelham-Lane, Billy Clegg, Georgia Mann                020 3757 4980

Good Energy Press Office                                        

Gill Dickinson                                                                          01249 765540

- Good Energy is a fast-growing 100% renewable electricity supply company, offering value for money and award-winning customer service. 

- An AIM-listed PLC, and founder member of the Social Stock Exchange, its mission is to support change in the energy market, address climate change and boost energy security. 

- Good Energy matches over the course of a year all the electricity its customers use with power from renewable sources.

- The company has consistently performed well in the annual Which? energy company customer satisfaction survey, winning first or second place in each of the last four years. Good Energy's dual fuel tariff is cheaper on average than the standard tariffs sold by the 'Big 6' before discounts. 

- It now has more than 51,500 renewable electricity customers and 25,000 gas customers. It works with a community of 76,000 small and medium scale renewable electricity generators (All figures as at 31 Dec 2014).

- Good Energy is the owner of Delabole Wind Farm, the UK's first commercial wind farm, and also owns and operates Hampole Wind Farm, near Doncaster. The company also owns and operates four solar farms.

 

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