UK's PM supports nuclear power "renaissance"

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

The new UK Prime Minister, Boris Johnson, has expressed support for nuclear power as part of the energy mix in UK as he faced the members of the House of Commons saying it is now the time for "nuclear renaissance". In 2030, eight of the operating nuclear plants in UK are set to retire with the new-built projects have faced financial uncertainty in the last two years. 

On July 22, UK Government, through the Secretary of State for Business, Energy and Industrial Strategy, has launched an open consultation from stakeholders on a proposed Regulated Asset Base (RAB) model for new nuclear power projects and its high-level design principles. The consultation will be used as a reference for funding large-scale nuclear power plants and a proposed GBP18 million (US$22 million) investment into small modular reactors.

Hinkley Point C (HPC) project, which is currently under development by EDF Energy in Somerset, England is ineligible for the RAB model. However, EDF plans to apply to with the new model in their future plans. EDF, together with  China General Nuclear (CGN), NuGeneration (NuGen)  and Horizon Nuclear Power, has five more new-build projects in the pipeline.

Share this update