Government promotion of nuclear power could initially increase energy prices: UK Business Secretary

Britain’s ambitious nuclear power program announced last month could lead to a surge in households, the Secretary-General said.

On May 13, the government announced a new £ 120m ($ 146m) UK to help “mature potential nuclear projects ahead of the government process to select the next nuclear project.” Announced the Future Nuclear Realization Fund (FNEF).

“The nuclear revival,” said Kwasi Kwaten, Secretary of State for Business, Energy and Industrial Strategy in the United Kingdom, according to May 12. BBC interview.

Kwasi was visiting northern Wales. There the government promised to build a new power plant in Wilfa, Anglesey.

He said British people might expect a small tax to be added to the bill in the short term to provide more money for the construction of nuclear power plants.

“But what we’re talking about is that when you look at the hydrogen levy, you’re talking about £ 30. [$36.80] The bill is a year, “he added, adding that the same should be expected for nuclear weapons.

According to the BBC, the government hopes to supply nuclear power with 24 gigawatts (GW) by 2050. This represents up to about 25 percent of the UK’s projected electricity demand.

FNEF provides targeted, competitively allocated government grants to help nuclear construction projects, including small modular reactors, “attract the private investment needed to make them happen.”

It announced last year a new financing model that shifts financial risk to consumers and provides a mechanism to squeeze CCP-backed China General Nuclear Power Group (CGN) from 20% of Suffolk’s Sizewell C stake. It follows. East of England.

Millions of British have faced soaring energy prices in the last few months. This is to record the rise in global prices for gas. In April, UK energy regulator Ofgem raised a price cap called “once every 30 years.”

This week, Ofgem Jonathan Brearley’s CEO said energy market prices remain “very volatile.” Further increase is expected.

Regarding the new energy strategy announced in April, Prime Minister Boris Johnson said a new reactor will be built each year, and Kwasi said the government’s investment of £ 375 million ($ 459 million) will be for hydrogen and nuclear power. “Unleash huge potential,” he added. ..

Almost half of the UK’s current nuclear capacity is due to be decommissioned by 2025 and is currently under construction, with only one new plant owned by EDF Energy and CGN.

“Nuclear power is an important part of the UK energy mix, reducing reliance on the global gas market, increasing UK energy independence, protecting consumers from high energy prices and as a future clean energy technology. Helps stimulate investment in nuclear power. ” I have written Government in a statement announcing FNEF.

PA media and Simon Veazey Contributed to this report.

Owen Evans


Owen Evans is a UK-based journalist who covers stories from a wide range of countries with a particular interest in civil liberties and free speech.