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Are nuclear power stations essential in achieving UK net zero targets?
The nuclear industry sent a letter to Chancellor Rishi Sunack following fears that there wont be sufficient financing for nuclear power stations.
These worries come as these power plants provide 20% of UK electricity but, all but one of the existing nuclear power stations in the UK will be retired within the next 10 years.
A planned new power plant was to be constructed in Suffolk following a scheme that would fund its development through raising the cost of energy bills. This is thought to not be going ahead with the governments new plans.
Currently, there is only one new power plant under construction. Hinckley Point in Somerset. This project is currently being funded by EDF and China General Nuclear Power Corp (CGN). Further to this, the development has been backed by the promise that the UK will pay £92.50 for every megawatt hour that the plant produces. Consequently, this funding has received mass amounts of criticism as this cost is approximately double the market price. Therefore, a new method of funding is needed.
The Nuclear Industry Association also highlighted the importance of developing these power plants, as renewable energy that depends on the weather isn’t reliable.
Furthermore, they continued that nuclear is the only proven and viable option to supply 38% firm power to the energy mix. A point made in the net zero report by the Committee on Climate Change.
For more information on this, read the full article on the BBC.
