UK’s energy security strategy delayed, as Cabinet split on nuclear power, and the Regulated Asset Base plan to pay for it.

Disagreements between Boris Johnson and Rishi Sunak over the cost of investment in new nuclear power stations have forced the government to again delay its energy security strategy. The prime minister promised to publish the strategy this month after Russia invaded Ukraine. Its publication has been repeatedly put back amid cabinet disagreements over fracking, onshore wind and the extent of government support for energy efficiency projects. Senior sources told The Times that while most issues had been settled, disagreements between No 10 and the Treasury over the extent to which new nuclear power should feature in the plan caused the latest delay. Last week Johnson told nuclear industry bosses that the government wanted the UK to get 25 per cent of its electricity from nuclear power, requiring up to six new large-scale stations. Sunak is understood to be concerned at the cost of such a commitment, arguing it represents poor value and would lead to substantial long-term increases in energy bills. He is thought to be pushing Johnson to limit the government’s commitment to two plants on top of one being built at Hinkley Point. The Treasury’s argument has been boosted by the National Infrastructure Commission that has warned large-scale nuclear power plants are “incredibly difficult to deliver on short timescales”. It has pointed out that even if the government gave the go-ahead for more nuclear power stations and they took as long as the Hinkley Point C project is expected to take, they would not come online until the mid-2040s. They have urged ministers to look at “alternatives” that are more likely to be deliverable at scale in the next 15 years. Ministers are legislating for a new model to fund nuclear power plants to make them attractive to investors. But critics say the regulated asset system would place the burden for delays and cost overruns on consumers and increase energy bills. Supporters of new nuclear power, including Johnson and Kwasi Kwarteng, the business secretary, argue that investing now is a “no regret” policy as demand for electricity is forecast to double in the transition to net zero. It is understood the strategy is now due next week. If that slips, the Easter recess and rules on what the government can say before the May elections could push it beyond the Queen’s Speech. Times 29th March 2022 https://www.thetimes.co.uk/article/cabinet-split-on-nuclear-power-delays-uk-energy-strategy-nmfznj377 |
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