ENERGY BILLS COULD FUND WYLFAPLANT; Government Launches Proposal to Back New Nuclear

Daily Post (Liverpool, England), July 24, 2019 | Go to article overview

ENERGY BILLS COULD FUND WYLFAPLANT; Government Launches Proposal to Back New Nuclear


Byline: OWEN HUGHES Business Correspondent owen.hughes@dailypost.co.uk

CONSUMERS could fund Wylfa Newydd under Government plans to kick-start the nuclear sector - with taxpayers picking up the cost if things go wrong.

The PS12bn Anglesey nuclear scheme was put on hold in January after Hitachi and Horizon Nuclear Power failed to reach a funding agreement with the UK Government for the plant.

But now the Government has revealed how it plans to re-start that project and put life back into the development of other new nuclear stations in the UK.

It is proposing a 'Regulated Asset Base' model with consumers paying the costs of the build and a regulator setting the price.

Payments would start before the project was even completed - reducing the cost and risk to the developer.

Under a proposal put out to consultation on Monday night the Government would also provide protection for investors and consumers against "specific remote, low-probability but high-impact risk events".

| Horizon will look at latest Government proposals A Horizon spokesman said: "Nuclear power will be crucial for the UK as it looks to meet its net zero commitments, and we warmly welcome this announcement, which could help bring forward vital new nuclear build and the clean, secure energy it will deliver. …

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