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Boris Johnson’s UK ”nuclear renaissance” – now desperate for funding, pleads to USA

Kwasi Kwarteng seeks US investment for UK nuclear plants to end reliance
on China. There are plans for expansion of nuclear power in Britain as part
of a new energy security strategy following the invasion of Ukraine. The
Business Secretary is to fly to the US this week to drum up American
investment in new nuclear plants amid concerns that the UK is too reliant
on China for help building reactors in Britain.

Kwasi Kwarteng is expected to hold talks with Jennifer Granholm, the US energy secretary, in
Washington DC, where a Whitehall source said the minister was “keen to
strengthen cooperation with the Americans on energy security”.

Last month Boris Johnson and Mr Kwarteng announced plans for a massive expansion of
nuclear energy in Britain as part of the country’s new energy security
strategy that followed Vladimir Putin’s invasion of Ukraine. Mr Kwarteng
is said to be concerned that Britain has become too reliant on two major
players in the nuclear market – China General Nuclear, a Chinese
state-owned energy giant, and EDF, which is owned by the French state.

Ministers are hoping to raise more than £10 billion in private capital to
fund the new Sizewell C nuclear power station in Suffolk. The Government is
expected to take a 20 per cent equity stake in the project, with a further
20 per cent for EDF and the final 60 per cent coming from private
investors.

A Whitehall source said: “We’ve become too reliant on a
handful of companies to develop new nuclear. Britain split the atom and
built the world’s first full-scale nuclear power station, but we’ve
fallen so far behind after three decades of drift. “We want British and
American companies to pile in the cash to get our nuclear renaissance off
the ground. The Business Secretary is keen to work with safe and reliable
investors from like-minded countries and hug them close.” 

Telegraph 14th May 2022 https://www.telegraph.co.uk/politics/2022/05/14/kwasi-kwarteng-seeks-boost-us-investment-nuclear-end-reliance/

May 16, 2022 - Posted by | business and costs, UK

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