While renewables are being supported in the UK by private sector investment, most recently via the Contracts for Difference market system, with no direct government cash input, over 70% of the UK Department of Energy Security and Net Zero expenditure is now nuclear related. DESNZ’s annual report and accounts says that ‘Great British Energy – Nuclear has remained a key component of the Government’s approach to energy security and decarbonisation, with work continuing to support the delivery of new nuclear projects, providing greater certainty for industry and investors, supporting highly skilled jobs across the supply chain, and contributing to a resilient, low carbon energy mix’. It notes that through the Spending Review the department secured a capital settlement of £62.8bn from 2025-26 to 2029-30 and a resource settlement of £5.8bn from 2026-27 to 2028-29, including £8.3bn for GBE/GBE-Nuclear including SMRs and £14.2bn for the new Sizewell C European Pressurised-water Reac...
The soon to be UK Prime Minister, Andy Burnham, is being portrayed as a ‘new broom’ that could, or might, adopt better polices in all areas. Well, what about the energy sector? It’s in a mess, economically, driven by high fossil gas prices, with retail electricity prices at an all-time high, despite renewable energy doing well (65 GW so far) with its wholesale price mostly being low. It’s in a mess technologically, at risk of undermining the crucial next stage of its important renewables programme by diverting cash to support major high-cost nuclear and fossil carbon capture and storage projects. Both of these programme involve multi-billion funding. The much delayed Hinkley Point nuclear plant may end up costing £40-50bn, inflation adjusted, when it finally gets completed, probably in 2030. Its follow-on project, Sizewell C, may not do much better, despite promises about learning from Hinkley, and despite the investment risks being met by a consumer levy. ...