nuclear-news

2 big energy companies pull out of UK’s nuclear power projects

Energy firms abandon nuclear plans,  Google News, (UKPA) –30 Mar 12 The Government’s plans for a nuclear-power renaissance are in disarray after two of the “big six” energy giants pulled out of a venture to build new reactors…… The venture was hit by the global economic crisis and Germany’s decision to phase out nuclear power in response to the disaster at Fukushima following the Japanese earthquake and tsunami last year,… as well as the significant costs of the project…… They also confirmed they were committed to investing in energy schemes in the UK, including renewables and gas, which have shorter payback times on capital investment than nuclear build.

The latest withdrawal from nuclear new-build comes after Scottish and Southern Energy announced last year that it was pulling out of the NuGeneration joint venture to build a new plant at a site near Sellafield, West Cumbria….. Gary Smith, of the GMB union, said: “This is a devastating blow which leaves the UK Government energy strategy in tatters.” … environmental groups seized on the news as evidence that nuclear power, which provides just under a fifth of UK electricity supplies, was not a financially-viable option for the country’s future energy mix. They called for the Government to back renewables, which they said had the potential to create thousands of jobs, supply households and businesses with clean, safe and affordable electricity, and tackle climate change.

March 30, 2012 - Posted by Christina Macpherson | business and costs, UK