The consortium behind the proposed £15 billion Moorside project West Cumbria has welcomed a Government pledge to consider investing in new nuclear plants. Business and Energy Secretary Greg Clark said the Government would weigh up whether to put money in to the Horizon nuclear project at Wylfa Newydd, Anglesey, alongside developer Hitachi. In a statement to parliament, Mr Clark left open the possibility of direct Government investment in to other proposed nuclear plants, including Moorside, stressing that nuclear had an “important role to play in the UK’s energy future as we transition to the low carbon economy”. The huge up-front cost of financing new nuclear projects is viewed as one of the biggest challenges faced by the industry. Negotiations are currently taking place between NuGen owner Toshiba, Korean utility Kepco and the UK and Korean Governments over the Moorside project, which would be built on land adjacent to the Sellafield site, has the potential to generate around seven per cent of the UK’s energy needs.
In Cumbria 7th June 2018 read more »