Economists are struggling to figure out exactly what consumers are doing with the extra disposable income available to them as a result of the steep decline in energy prices. “They have not gone on a shopping spree at the mall or online. Results at many retail chains have been mixed, and some stores that are middle-class fixtures, like Sears and J.C. Penney, continue to struggle.

One hint at what consumers might be thinking came Monday, when new government data on the economy showed a healthy gain for wages and salaries in January, even as spending by consumers inched lower for the second month in a row. As a result, the savings rate ticked upward to 5.5 percent, the highest level in just over two years.” [NY Times]

Barry Goldwater Jr., the former Arizona congressman, has admitted that the Republican Party made a major strategic error in not supporting green energy investment years previously. “Conservative support for green energy has always been there, but the Democrats capitalized on it more than the Republicans,” the former Republican congressman and Arizona legend told CNBC. “The Democrats did a better job of promoting it.”

As a conservative, Goldwater has become a vocal advocate for solar energy in recent years. He currently serves as the chairman of “Tell Utilities Solar won’t be Killed” (TUSK), a solar advocacy group that is pushing for energy independence across the country.” [CNBC]

Plans to generate electricity power from the world’s first devlopment of tidal lagoons have been unveiled in the UK. “The six lagoons – four in Wales and one each in Somerset and Cumbria – will capture incoming and outgoing tides behind giant sea walls, and use the weight of the water to power turbines.

A £1bn Swansea scheme, said to be able to produce energy for 155,000 homes, is already in the planning system.

The cost of generating power from the Swansea project will be very high, but the firm behind the plan says subsequent lagoons will be able to produce electricity much more cheaply.” [BBC News]