Bills will be slashed in the long-term thanks to a bumper increase in nuclear power, the Energy Secretary has promised. Claire Coutinho made the pledge as she set out plans for nuclear to meet a quarter of Britain's electricity needs by 2050.
Plans for New Power Plant and Investment in UK Production
The plans include exploring building a new power plant as big as Sizewell in Suffolk or Hinkley in Somerset, which can power six million homes each. The Government will also invest up to £300 million in UK production of the fuel required to power high-tech new nuclear reactors, known as HALEU, which is only being commercially produced in Russia.
Reducing Electricity Bills and Ending Reliance on Foreign Imports
Ministers said once up and running, the technology would "reduce electricity bills" and end the reliance on expensive foreign imports. Prime Minister Rishi Sunak described nuclear as the "perfect antidote" to the energy challenges facing Britain.
Biggest Investment in Domestic Nuclear Energy in 70 Years
Ms Coutinho emphasized that this was the "biggest investment in domestic nuclear energy in 70 years" and that the £300 million plan to produce advanced nuclear fuel in the UK would supply nuclear plants at home and overseas, further weakening the Kremlin's grip on global energy markets.
Nuclear Revival to Quadruple Capacity by 2050
From large gigawatt projects to small modular reactors, the UK's wider nuclear revival will quadruple our nuclear capacity by 2050, helping to power Britain from Britain, said Ms Coutinho.
Easier and Faster Building of New Nuclear Power Stations
The Government also plans to make it easier and faster to build new nuclear power stations by improving rules and working with regulators both in the UK and abroad.
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