Press Release: The Nuclear Sector Deal Does Little to Solve the Immediate Challenge Facing New Nuclear Projects
For Immediate Release 07 December 2017
Tim Yeo, Chairman, New Nuclear Watch Europe (NNWE)
The Nuclear Sector deal Does Little to Solve the Immediate Challenge Facing New Nuclear Projects
“Today’s announcements, while welcome in many respects, do little to solve the immediate challenge facing new nuclear projects in the UK. Negotiating a competitively priced strike-price, which must come in under the much criticised Hinkley Point C deal, is a red line for consumers and government officials.
The easiest way to achieve this is for government to provide financial support, either through a direct equity stake or by way of loan, in future new build projects. Lowering the cost of capital for nuclear developers dramatically cuts the cost of electricity for the benefit of consumers. This will also give a strong signal that the UK is serious about reviving its nuclear energy industry and continuing to cut emissions.
Nevertheless we welcome the new National Policy Statement for nuclear sites over 1GW; this week’s confirmation that Kepco will now take the Moorside project forward; the funding for a future Advanced Nuclear Technology where the UK could be a world leader; and the broad scope of the Nuclear Sector Deal.
Attention must now turn to the small matter of agreeing what consumers will pay for the electricity produced.”
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Notes to Editors:
- NNWE was founded at the end of 2014 to help ensure nuclear power is recognised as an important and desirable way for European governments to provide affordable, secure, low carbon energy and help to meet the long-term energy needs of their citizens.
- Membership of NNWE is open to all companies, individuals and organisations active in the nuclear industry including those involved in the supply chain. More information is available at www.newnuclearwatch.eu
- Tim Yeo is Chairman of New Nuclear Watch Europe and the University of Sheffield Industrial Advisory Board for the Energy 2050 initiative. He is a former Minister of State for the Environment, Shadow Secretary of State for Trade and Industry, and was Chair of the Environmental Audit Select Committee from 2005-2010 and then Chair of the Energy and Climate Change Select Committee from 2010-2015.–