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Tidal Lagoon Left High & Dry In CVA

September 21, 2018

By Paul Homewood

 

 

This is from The Times today:

 hghg

 

As I pointed out previously, Shorrock won’t be the ones who loses out. As Private Eye has reported this week, Shorrock paid just £70 for 25% of the project. Meanwhile he has raked in millions in “service fees”.

The rest of the investors in TLP look likely to kiss goodbye to some £35m.

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18 Comments
  1. Joe Public permalink
    September 21, 2018 7:54 pm

  2. Robert Jones permalink
    September 21, 2018 7:56 pm

    I am amazed that the project got as far as it did. I hope that Charles Hendry is smarting!

    • September 22, 2018 11:59 am

      The money-go-round finally stopped when the government woke up to the ridiculous costs and risks.

  3. Lance Wallace permalink
    September 21, 2018 8:41 pm

    If Shorrocks’ wife’s company is writing off 500K, does she lose anything personally?

    • Bertie Bassett permalink
      September 21, 2018 8:59 pm

      Only her reputation and possibly her job?

  4. markl permalink
    September 21, 2018 9:49 pm

    Just another failed renewable energy scheme. Not quite a Solyndra but close. If you add all the failures up around the world, but mostly in Western countries that needed to assuage their climate guilt, it’s probably 10’s if not 100’s of billions of $ if not more. And where did the money go?

    • Mack permalink
      September 21, 2018 10:31 pm

      ‘And where did the money go?’

      Well and truly trousered by chancers, speculators and the emissaries of the green priesthood who have taken advantage of gullible investors, virtual signalling, corrupt or simply incompetent politicians and, of course, the poor taxpayer who bank rolls the lot of them. In time to come, the trillions wasted in non solutions to a non problem will provide students of history with endless hours of mirth at our expense. Don’t quite see the funny side of this lunacy myself though.

  5. roger permalink
    September 21, 2018 10:47 pm

    Even the rapacious criminals of Westminster balked at the enormity of the robbery to be visited on the electricity consumers by this ridiculous high profile project, slated to be the forerunner of many more affronts on estuaries around the country.
    The years are mounting since the shameful passing of the CC Act but temperatures are not, leaving those from both houses that passed it nakedly exposed to the ridicule and hopefully indictment of those they have cheated and robbed.

    • dave permalink
      September 22, 2018 8:17 am

      `”…exposed…”

      It will be at least twenty years before this happens. That is because the sheeple have swallowed – hook, line, and sinker – the cool assertion that ANY sort of weather ANYWHERE, and ANY change in ANYTHING “proves Global Warming” (provided the BBC agrees).

  6. It doesn't add up... permalink
    September 21, 2018 11:47 pm

    Better that it was written off before it got to being built. Pity the same hasn’t happened to those expensive offshore wind farms that are jacking up our bills. I assume there will be some empty office space in Gloucester Quays – about 50 jobs in the office there to judge from a company photo a couple of years ago. Work in Swansea itself would have been on the planning applications. Perhaps the council can get back to thinking about a more viable plan for the future.

  7. The Old Bloke permalink
    September 22, 2018 9:03 am

    This from 1st January 2017:
    https://www.walesonline.co.uk/business/business-news/13bn-swansea-tidal-lagoon-project-12440971

  8. Bitter@twisted permalink
    September 22, 2018 9:28 am

    I’m going to have a couple of beers tonight to celebrate a rare outbreak of common sense.

  9. Harry Passfield permalink
    September 22, 2018 11:58 am

    A list of investors who have turned a loss in this venture would make for interesting reading. That said, rather they suffered the loss than the electricity users who would have had to foot the bill for the over-expensive energy.

  10. September 22, 2018 12:10 pm

    Tech trouble for another tidal project…

    Team investigating why rotor not turning on Cape Sharp tidal turbine – The Canadian Press
    Published: Sep 18

    http://www.thechronicleherald.ca/news/regional/team-investigating-why-rotor-not-turning-on-cape-sharp-tidal-turbine-242219/

  11. It doesn't add up... permalink
    September 23, 2018 12:21 am

    It seems like the CVA has scotched the snake, not killed it:

    https://www.bbc.co.uk/news/uk-wales-45592824

    • September 23, 2018 1:58 pm

      CVA huh …. a tidal lagoon company that hasn’t got any tidal lagoons agrees to pay back £2.5 million in taxpayer funded loans made by politicians….

      The CVA is a fig leaf to slow-roll the announcement of a total loss to some opportune time where they hope it won’t be noticed.

      • John Palmer permalink
        September 23, 2018 6:07 pm

        Quite so… as we say in London, a bunch of ‘Merchant Bankers’.
        People who ‘invest’ in these schemes hoping to reap huge rewards at the expense of the rest of us deserve no sympathy whatsoever.
        Just saying’….

  12. 01Herbie permalink
    September 23, 2018 5:56 pm

    Project companies such as this are set up so that it doesn’t matter whichever of Kipling’s twin imposters, success or failure, occur.

    The use of multiple limited liability companies allows for the liabilities to be concentrated in one company and the profits in another.

    Hopefully, at some point, investors will wise up and stop wasting their money on such schemes. That the government has refused to subsidise the folly is welcome, albeit for me pleasantly surprising.

    Have no sympathy for the investors burnt fingers. They either didn’t check it out properly or they were relying on tax payers money to make a profit.

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