- UK government provides funds to support low carbon project
- British government commits £100-million to a new nuclear power plant project.
Last week the UK government announced that it was providing funds to help ensure the development of two low carbon energy projects in the country. “We are already a world leader in offshore wind, and floating technology is key to unlocking the full potential of the seas around Britain”, affirmed UK Energy Minister Greg Hands.
These innovative projects will help us expand renewable energy further and faster across the UK and help to reduce our exposure to volatile global gas prices. Then on Thursday, the British government also announced that it was committing £100-million to the Sizewell C new nuclear power plant project, located in the English county of Suffolk.
Sizewell is already the location of two NPPs, with the original Sizewell A currently being decommissioned, while Sizewell B was commissioned in 1995 and is now projected to decommission in 2035. French energy group EDFis developing the Sizewell C, which will be a near duplicate of the Hinkley Point C NPP, currently being built by EDF in the English county of Somerset. If the project does not go ahead, the government will ask for shares in the Sizewell C company, or for the actual Sizewell C site, or, again, get its money back, along with a financing return. “In light of high global gas prices, we need to ensure Britain’s future energy supply is bolstered by reliable, affordable, low carbon power that is generated in this country,” highlighted UK Business and Energy Secretary Kwasi Kwarteng.
New nuclear is not only an important part of our plans to ensure greater energy independence but to create high-quality jobs and drive economic growth. The announced funding will further support Sizewell C’s development during this important phase of negotiations as we seek to maximise investor confidence in this nationally significant project.