• 10 mins Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 2 hours Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 hours Schlumberger Warns Of Moderating Investment In North America
  • 4 hours Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 5 hours Energy Regulators Look To Guard Grid From Cyberattacks
  • 7 hours Mexico Says OPEC Has Not Approached It For Deal Extension
  • 8 hours New Video Game Targets Oil Infrastructure
  • 10 hours Shell Restarts Bonny Light Exports
  • 11 hours Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 17 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 22 hours British Utility Companies Brace For Major Reforms
  • 1 day Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 1 day Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 1 day Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 day OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 1 day London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 1 day Rosneft Signs $400M Deal With Kurdistan
  • 1 day Kinder Morgan Warns About Trans Mountain Delays
  • 2 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 2 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 7 days Trump Passes Iran Nuclear Deal Back to Congress
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

UK Expected to Approve First of Many New Nuclear Plants Today

UK Expected to Approve First of Many New Nuclear Plants Today

Ed Davey, the UKs Energy Secretary, is expected to give the go ahead later today to approve the first of a string of new nuclear reactors planned for construction in the UK over the next few years.

The announcement would grant consent for a new nuclear power plant to be built at Hinkley Point in Somerset. The sites two nuclear reactors would be able to supply the UK with 7% of its electricity needs, and provide power to over 5 million households.

Once the decision has been made the last hurdle that remains will be the strike price which must be negotiated between the government and the power plants investors. The strike price refers to the price of electricity that the nuclear power plant owners will be paid over the term of a long term contract. It is part of the electricity market reforms to encourage investors to support low carbon projects such as wind farms and nuclear power plants that may have high initial capital costs.

Kevin Coyne, the national officer for the Unite union, is very excited about the prospect of a new nuclear plant at Hinkley Point, stating that, “The construction of Hinkley Point C will create thousands of skilled construction jobs for the next five years, and around 800 jobs in the operation of the power station over the next 60 years.

Related article: MIT Develops Meltdown-Proof, Nuclear Waste-Eating Reactor

We hope Hinkley Point C is just the first in a fleet of new nuclear power stations which would create jobs in construction for the next 20 years. Nuclear is a crucial part of a balanced energy policy, to stop lights going out.”

John Sauven, the executive director of Greenpeace, on the other hand is not so thrilled. He claims that, “it will lock a generation of consumers into higher energy bills, via a strike price that's expected to be double the current price of electricity.

With companies now saying the price of offshore wind will drop so much it will be on par with nuclear by 2020, there is no rationale for allowing Hinkley C to proceed.”

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News