Latest News

UK’s Boris Johnson goes nuclear with swansong energy investment

0

UK’s Boris Johnson goes nuclear with swansong energy investment By Reuters

Breaking News

‘;

Economy 13 minutes ago (Sep 01, 2022 13:21)

© Reuters. FILE PHOTO: Dogs walk on the beach near Sizewell Nuclear Power Station as the sun sets on Sizewell in Suffolk, Britain, December 16, 2017. REUTERS/Dylan Martinez

By Muvija M and Susanna Twidale

LONDON (Reuters) -Outgoing Prime Minister Boris Johnson said on Thursday that Britain will invest 700 million pounds ($809.13 million) in EDF (EPA:EDF)’s planned Sizewell C nuclear plant, his last major policy move before stepping down from the role next week.

“In the course of the next few weeks, I am absolutely confident that it will get over the line. We will get it over the line because it will be absolute madness not to,” Johnson said, speaking at Sizewell in Suffolk, eastern England.

“Go nuclear and go large, go with Sizewell C.”

The investment in nuclear power comes as Britain strives to be more energy independent after a surge in oil and gas prices following the war in Ukraine has left millions of households facing fuel poverty this winter, and as the country aims to reach net zero emissions by 2050.

Britain still needs to attract private investors for Sizewell C. France’s EDF has said the plant could cost 20% less than the cost of its Hinkley Point C plant in Britain, which is currently budgeted at 25-26 billion pounds($29.90 billion-$30 billion).

Ramping up nuclear energy production would in the longer term reduce Britain’s reliance on natural gas, which made up around 45% of the country’s electricity production last year.

The promised funding for Sizewell would come out of 1.7 billion pounds pledged by the government last year to help a new large-scale nuclear project get off the ground.

However, it would be years before the plant is operational. The Hinkley Point C nuclear plant has faced repeated delays and billions of pounds in cost overruns.

The Hinkley plant is currently expected to start in 2027, a decade later than originally promised.

EDF has said Sizewell C would benefit from being “a near replica”

To attract private investors for Sizewell C, the UK government has launched a new funding model which it hopes will make the project more attractive.

Under the regulated-asset-base (RAB) model, companies building new plants would be paid during the construction phase, cutting down their development risk and allowing them to secure cheaper financing for the projects.

Critics of RAB say it will leave taxpayers liable for any cost over-runs and delays during construction.

Anti-nuclear Green group Greenpeace criticised the investment.

“This money could insulate huge numbers of draughty homes, and cut next year’s bills, instead of being thrown onto the slow-burning financial bonfire that is EDF, to increase our bills for decades,” said Greenpeace UK chief scientist Doug Parr.

($1 = 0.8650 pounds)

UK’s Boris Johnson goes nuclear with swansong energy investment

Euro zone economy faces growing risk of recession, survey showsBy Reuters – Sep 01, 2022

By Jonathan Cable LONDON (Reuters) – Manufacturing activity across the euro zone declined again last month as consumers feeling the pinch from a deepening cost of living crisis…

US Jobs Data Have Potential to Push Fed Toward Third Jumbo HikeBy Bloomberg – Sep 01, 2022

(Bloomberg) — The hotly anticipated US jobs report has the potential to tip the scales toward a third jumbo-sized hike in interest rates later this month after a wave of data that…

ECB’s Centeno says is against rushed decisions on inflationBy Reuters – Sep 01, 2022

LISBON (Reuters) – European policymakers should avoid rushed pro-cyclical measures in response to high inflation, which is expected to slow down over time and converge with…

Our Apps



Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

US Jobs Data Have Potential to Push Fed Toward Third Jumbo Hike

Previous article

Russia’s Mir Pay sees users increase 20-fold after rivals exit -report

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News