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Britain’s Nuclear Industry Calls For More Government Support

Britain’s nuclear industry is taking part in a growing chorus from the energy industry—more government support and more clarity regarding its future, the industry told British Parliament on Wednesday, according to Bloomberg.

The oil and gas industry began singing the tune calling for a clearer future and additional government support over the last couple of years. Particularly in the United States, U.S. oil companies balked at government-led criticism that they were not doing enough to invest in oil production growth. The Biden Administration had offered in the way of appeasement future purchases to replenish the nation’s Strategic Petroleum Reserves to ensure future demand for crude oil, but oil and gas companies were looking for more: infrastructure approvals, a streamlined permitting process, a halt to calling on bank’s shunning lending to the dirty industry, and a general change in tone from the Administration about the industry.

Britain’s nuclear industry is now sharing frustrations with its government, which has called for an extra 24 GW of nuclear capacity over the next 27 years. This, according to Bloomberg, could be enough capacity to power as many as 18 million homes. But the nuclear industry, according to their Parliamentary pleas, is struggling to come up with the $25 billion financing it would take to complete such an ambitious mission.

“What we don’t currently have is the necessary clarity from government about how do we get from where we are today to where we need to be very soon,” a Westinghouse spokesman said to Parliament on Wednesday.  “The UK government needs to give the market and potential investors clarity.”

The UK has plans to develop a supportive organization known as Great British Nuclear to help the industry carry out its plans.

By Julianne Geiger for Oilprice.com

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  • tom burke on January 26 2023 said:
    Thinking you could build 24GW of new nuclear for £25 billion is a triumph of hope over mathematics. The current real cost of a GW of new nuclear in the UK is about £8billion making the cost of 24GW nearer £200 billion. A constrained supply chain for specialised materials and skills would make even that number a conservative estimate. Dream on.

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