nuclear-news

Nuclear enthusiast UK Energy Minister promises ‘policy certainty’ on new nukes

Mr Hayes described himself as “extraordinarily enthusiastic about nuclear” and “arguably the most pro-nuclear energy minister in living memory… I suppose ever”.

He conceded that “whoever buys it is going to have to attract sufficient large scale investment to make it happen” but said the government would offer policy certainty and diplomatic

Government mulls underwriting risk of new nuclear plants The Government is considering ways of underwriting risk in the construction of new UK nuclear plants, the energy minister John Hayes has said. Telegraph UK  By Emily Gosden 06 Oct 20122 In an interview with the Sunday Telegraph, Mr Hayes played down fears over the state of the UK’s nuclear ambitions, and suggested that Chinese investors may yet have a role – despite two Chinese corporations failing to bid as expected for the Horizon nuclear venture.

The Government is targeting 16GW of new nuclear power by 2025, through
power stations on five sites.
Mr Hayes, who took the place of Charles Hendry in the reshuffle last
month, said the target was “a challenge because of length of time it
takes to build these things”.
But he insisted: “There’s no diminution in the government ambitions in
this respect, indeed my arrival probably heightens those ambitions. I
am optimistic and buoyant.”
EDF Energy’s proposed nuclear plant at Hinkley Point in Somerset is
the most advanced plan, with the government currently negotiating a
guaranteed price for the electricity it will generate – to be paid for
through all UK consumer energy bills -n order to incentivise the
estimated £14bn investment.
But there have been concerns over the price EDF may demand and who
will bear the risk of cost overruns, with suggestions the government
may have to….
Mr Hayes described himself as “extraordinarily enthusiastic about
nuclear” and “arguably the most pro-nuclear energy minister in living
memory… I suppose ever”….Mr Hayes said he was “very confident” of
a sale of the Horizon nuclear venture, which plans two plants but was
put up for sale by German utilities RWE and Eon in March. Last week
one of the favourites to bid, a consortium of French reactor company
Areva and China Guangdong Nuclear Power Group confirmed they had
“suspended their interest” in the venture. Rival reactor maker
Westinghouse submitted one of the two final bids, but without expected
Chinese backing…. He conceded that “whoever buys it is going to have to attract sufficient large scale investment to make it happen” but said the government would offer policy certainty and diplomatic
support.http://www.telegraph.co.uk/finance/newsbysector/energy/9591653/Government-mulls-underwriting-risk-of-new-nuclear-plants.html

October 9, 2012 - Posted by Christina Macpherson | politics, UK