Energy bills will be CUT in the long-term thanks to nuclear power increase, Cabinet Minister promises
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.
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 £300million 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.
Ministers said once up and running the tech would “reduce electricity bills” and end the reliance on expensive foreign imports.
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Prime Minister Rishi Sunak described nuclear as the “perfect antidote” to the energy challenges facing Britain, adding: “This is the right long-term decision and is the next step in our commitment to nuclear power, which puts us on course to achieve net zero by 2050 in a measured and sustainable way.”
And pressed this morning if Brits would save money in the long term, Ms Coutinho said: “Yes.”
She insisted this was the “biggest investment in domestic nuclear energy in 70 years”.
She said: “Our £300 million plan to produce advanced nuclear fuel in the UK will supply nuclear plants at home and overseas – further weakening the Kremlin’s grip on global energy markets.
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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.”
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.