Labour has accused Conservative Ministers of squandering the “golden opportunity” of developing floating offshore wind in the UK.

Shadow Welsh Secretary Jo Stevens said the government’s support for the emerging technology was “narrow-minded” and “poorly run” as she visited the Port of Milford Haven, Pembrokeshire, which has seen its bid to act as a hub for developing offshore wind technology rejected by the UK government.

Conservative ministers have the opportunity to unlock investment in three floating wind farms this year, in Scotland, north England and the Celtic Sea. But research from RenewableUK has found that budget restrictions will likely mean only one of these projects will go ahead, stifling investment in the emerging sector that would lead to new jobs as well as cheaper bills.

The Crown Estate, which administers the seabed, estimates that up to 5,300 new jobs and up to £1.4 billion could be generated for the UK economy by fully realising the opportunities in South Wales and the Southwest England.

The UK is well positioned to become a global leader in floating wind technology, with the biggest project pipeline in the world of 37GW; instead it’s lagging behind international competitors.

Labour has pledged to create a new publicly owned company – Great British Energy - with an ambitious initial capitalisation of £8.3 billion in the next Parliament, to invest in clean homegrown power generation that can cut bills for families, create jobs across the country, and end the UK’s energy insecurity under the Conservatives.

Jo Stevens, Shadow Welsh Secretary, said:

“We have a golden opportunity to become a world leader in floating offshore wind, delivering cheaper bills and the jobs of the future.”

Henry Tufnell, Labour’s Parliamentary Candidate for Mid and South Pembrokeshire said:

“The decision by the UK Tory Government to reject the bid by the Port of Milford Haven for a new green energy terminal in Pembroke Dock is a huge blow for communities across Pembrokeshire. It demonstrates the Tories’ short sightedness and lack of ambition for the future.

“We have the closest port to the Celtic Sea development, a heavy engineering skills-base and strong support from Floating Offshore Wind developers, but again we have been overlooked and Stephen Crabb has made yet another Pembrokeshire promise.

“A UK Labour Government will take advantage of these new technologies to secure our energy supply, develop industry in the county and create good well-paid jobs.”