2024-01-24 06:25:00
BRITAIN'S NUCLEAR INVESTMENT $1.7 BLN
REUTERS - Jan 22, 2024 - Britain will invest an extra 1.3 billion pounds ($1.65 billion) in the Sizewell C nuclear power station in southeast England, the government said on Monday, making it the majority shareholder in the project.
The government said the funding, the largest to date, would allow early construction work to continue at the plant being built by French energy giant EDF before a final investment decision expected later this year.
The fresh money, which the government said was made available from existing budgets, comes in addition to a 700 million-pound funding pledge in 2022, as well as a further 511 million pounds agreed last summer.
"It's a win for our energy security and sends a strong message to investors that Britain is serious about its low-carbon, homegrown nuclear-powered future, providing reliable, cheaper power for British families," Nuclear Minister Andrew Bowie said in the statement.
Last September the government opened the search for private investment in the plant, which is expected to produce around 3.2 gigawatts of electricity, enough to power around 6 million homes for over 60 years.
The Russia-Ukraine war, which had sent energy prices soaring in 2022, had caused major countries around the world to rethink their energy security.
Currently, about 15% of Britain's energy needs are met by nuclear power, a drop from 27% in the 1990s as older plants have been decommissioned and new ones are taking time to build.
The government hopes to quadruple nuclear power generation from 6 GW to up to 24 GW by 2050.
Setting out its nuclear goals earlier in the month, the government said it aims to speed up action on new nuclear projects by introducing a time frame requiring an investment decision every five years from 2030 to 2044.
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Earlier:
2024, January, 18, 06:40:00
BRITAIN NUCLEAR POWER TO QUADRUPLE
Nuclear's share of energy in the UK is currently about 16%, however all but one of its existing reactors are due to retire by 2030.
2023, November, 30, 06:30:00
BRITAIN NEEDS WARMTH
Right now, 6.3 million UK households are in fuel poverty, according to National Energy Action. That’s up from 4.5 million, recorded in October 2021, when Europe’s energy crunch began, it said. Over the last three months, millions have been using appliances like ovens or going to bed early to stay warm, the study showed.
2023, November, 17, 06:00:00
BRITAIN RENEWABLES PRICES UP
The ceiling for bids from offshore wind companies in the next auction round is likely to be considerably more than this year’s £44 ($54) of guaranteed revenue per megawatt-hour of power produced, according to people familiar with the matter.
2023, October, 2, 06:55:00
BRITAIN'S ENERGY CHALLENGES
“Any sudden changes to LNG supply or demand in Asia or the Americas could easily have a domino effect into Britain and Europe.”
2023, August, 4, 06:15:00
BRITAIN'S NUCLEAR AMBITIONS
The current government claims to be all-in for new nuclear. Its Energy Security Strategy, published last year, set a target of 24 gigawatts of nuclear energy generating capacity by 2050.
2023, July, 28, 06:45:00
BRITAIN NUCLEAR REVIVAL
This will boost UK energy security, reduce dependence on volatile fossil fuel imports, create more affordable power and grow the economy, with the nuclear industry estimated to generate around £6 billion for the UK economy.
2023, March, 1, 11:10:00
BRITAIN FUSION ACCELERATION
The selected projects aim to tackle specific challenges linked to the commercialisation of fusion energy, from novel fusion materials and manufacturing techniques through to innovative heating and cooling systems, all needed for future fusion power plants.
