Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Britain pledges up to 1.7 billion pounds towards a new nuclear plant

CommoditiesOct 27, 2021 16:11
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Workers at the nuclear reactor area under construction, are seen at Hinkley Point C nuclear power station site, near Bridgwater, Britain, September 12, 2019. REUTERS/Peter Nicholls/File Photo

By Susanna Twidale

LONDON (Reuters) - Britain has pledged up to 1.7 billion pounds ($2.34 billion) to help a new large-scale nuclear project get off the ground in the next few years, budget documents showed on Wednesday.

Some politicians have expressed concerns about China's involvement in Britain's nuclear industry and the government on Tuesday also launched a new funding model it hopes will entice more British backers to new projects.

Britain aims to reach net zero emissions by 2050, which will require a huge increase in low-carbon power generation such as wind, solar and nuclear, but new nuclear projects have struggled to secure funding due to the large up-front costs.

The government said it would "provide up to £1.7 billion of new direct government funding to enable a final investment

decision in a large-scale nuclear project this Parliament, subject to value for money and approvals," the documents showed.

France's EDF (PA:EDF) is building Britain’s first new nuclear plant in more than two decades, Hinkley Point C, with backing from China's CGN, which is expected to cost 22 billion-23 billion pounds. Britain has plans to build a second new plant, Sizewell C, in which CGN also has a 20% stake in the development phase.

The government document said Britain is in active negotiations with EDF over the Sizewell C project.

Under the regulated asset-based (RAB) model, companies building new plants would be paid during the construction phase, cutting their development risk and allowing them to secure cheaper financing for the projects.

The RAB model would also require that households pay a small amount each month for new plants while they are still being constructed.

($1 = 0.7280 pounds)

Britain pledges up to 1.7 billion pounds towards a new nuclear plant
 

Related Articles

UN, US express concern after incident at Libyan court
UN, US express concern after incident at Libyan court By Reuters - Nov 26, 2021

TRIPOLI (Reuters) -The U.N. mission to Libya expressed alarm on Friday about an incident at a court where Saif al-Islam Gaddafi's lawyer said armed men stopped him from lodging an...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email