Ian Price, CBI Wales Director, said:
“It is disappointing that a financially viable model for the Swansea Bay Tidal Lagoon project has not been possible.
“We appreciate the effort and energy made by politicians from both governments who have worked tirelessly to try and make this project a reality. At the end of the day any project has to be affordable for consumers.
“Harnessing tidal power from the Severn Estuary remains a sound concept for many reasons. While it is disappointing for Tidal Lagoon Power and their many supporters, we are pleased to hear the UK government is not closing the door to future proposals to harness this excellent source of renewable energy.
“All major infrastructure projects require large amounts of time, energy and money, only for many to then fail to get the green light. There must be a smarter way of approaching such projects that does not discourage innovative entrepreneurial new firms from entering the marketplace.
“The newly established National Infrastructure Commission for Wales should lead a cross-agency review into all stages of this project and identify ways both governments can speed up the process for future energy infrastructure projects and remove barriers to entry for other firms.”