• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 hours NordStream2
  • 21 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 23 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 46 mins US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 3 days Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 2 days Storage of gas cylinders
Europe Divided Over The Future Of Nuclear

Europe Divided Over The Future Of Nuclear

The European Union is planning…

Can ‘Nuclear’ Hydrogen Become Competitive?

Can ‘Nuclear’ Hydrogen Become Competitive?

The UK’s Hinkley Point C…

City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

UK Government Must Keep Investing In Nuclear Power Capacity

The UK government has today been urged to make sure that the country has at least 10 gigawatts of operational nuclear capacity by the early 2030s as the current fleet of power plants begin to be shut down.

In a new report, the cross-parliamentary group for nuclear power urged ministers to commit to new nuclear projects in order to keep on track to achieve its net zero goal.

Developing such capacity would put the government in line with the recommendations of the Committee on Climate Change (CCC) in its latest carbon budget.

A government spokesperson said that the government was committed to developing new nuclear capacity, pointing to the £385m in investment agreed for new solutions such as small nuclear reactors.

At the moment, the majority of the UK’s nuclear fleet is to start decommissioning by 2024, with just one current reactor still expected to be operational come 2030.

But so far only one new plant, Hinkley Point C in Somerset, is under construction.

MPs urged the government to bring a proposed new plant at Sizewell in Suffolk to a final investment decision by the end of next year.

Related: Can The Middle East Survive Without Oil?

And it said that ministers should commit to at least one more 1 gigawatt size plant by the end of 2024.

Such steps, the paper argued, could create more than 90,000 jobs in the UK and save more than 30 million tonnes of emission per year by 2035.

But first, it added, ministers must agree to a new financing model for nuclear plants due to concerns over the swelling cost of Hinkley Point C.

One model, the Regulated Asset Base (RAB) system, would see consumers pay for the construction upfront through their bills.

The government has consulted on the issue, but is yet to reach a final decision.

Virginia Crosbie MP, vice-chair of the APPG, said that projects such as Wylfa Newydd in her constituency of Ynys Môn in north Wales were prime sites for investment if such a model could be agreed.

“Should the Government back a new financing model and take this Roadmap forward, we can begin building the new stations we need. With most of our fleet retiring in three years it is vital that we move forward with sites like Wylfa Newydd”, she said.

Tom Greatrex, chief executive of the Nuclear Industry Association, said: “Only nuclear can replace nuclear. With urgent action from the Government, the industry is ready, willing and able to provide firm power capacity, through large and small reactors designs, to cut emissions and create good jobs across this country.

“Nuclear technologies alone can produce always-on, low-carbon power, and options for clean heat and hydrogen going forward. With most of our fleet retiring, we need urgent investment in large and small scale nuclear projects to realise the promise of a net zero future.”

A BEIS spokesperson said: “New nuclear will play a crucial part in this government’s plans to achieve a secure, low-carbon, affordable energy future.

“We are committed to the future of new nuclear energy, as illustrated by the construction of Hinkley Point C; our plans to reach a final investment decision on at least one large-scale nuclear power station by the end of this Parliament, and our pledge to fund new nuclear technology, such as small and advanced modular reactors.”

By CityAM

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News