New projects could be launched by Ed Miliband – and they will hit British taxpayers in the pocket.
Energy Secretary Ed Miliband (Image: Getty)
Ed Miliband could be about to send energy bills soaring – as he confirms plans for new major nuclear projects in the UK.
The Energy and Net Zero Secretary has said nuclear power is vital for Labour’s Net Zero plans, and that his ‘door is open’ to tech companies hoping to build ‘modular’ reactors in Britain.
Mr Miliband has argued these projects could deliver ‘big returns’ for the country, and said the Government is exploring how it can help private developers bring advanced nuclear projects to market and ia consulting on a new nuclear planning framework and siting policy next year.
However, bosses at interested firms are reportedly calling for some assurance of financial support to make sure their projects get a minimum return.
While it is currently unclear precisely how these would be funded, the Telegraph reports that options include ‘regulated asset base scheme’ or contracts for difference that are currently awarded to wind and solar farms.
Four nuclear power plants are set to have their lives expanded (Image: Getty)
The ‘regulated asset base’ scheme allows investors to begin clawing costs back via customer bills before a project is completed – leading to concerns people could be hit in the pocket.
Speaking at the Nuclear Industry Association’s Nuclear 2024 conference on Thursday, Mr Miliband said: “Of course, it’s early days but we should be open to the potential of SMRs to power the fourth industrial revolution, just as coal powered the first.
“My message is clear: if you want to build a nuclear project in Britain, my door is open. My department is listening.
“We want all your ideas for projects that can work and provide value for money.”
Torness nuclear power plant (Image: Getty)
Great British Nuclear, a public body which helps bring forward new nuclear energy projects, has started negotiations with four bidders for the UK’s small modular reactor programme, and final decisions are due in spring.
Mr Miliband he was “delighted” that four of Britain’s five nuclear power stations will stay open longer than previously planned, as announced by their operator EDF.
Heysham Two, in Lancashire, and Torness in East Lothian will keep producing electricity for an extra two years until March 2030, while Heysham One and another station in Hartlepool, north-east England, will produce power until March 2027, a year extension.
