Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

UK in talks with Westinghouse over new nuclear power plant in Wales - The Times

09/24/2021 | 05:42am EDT
A Westinghouse Electric sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai

LONDON (Reuters) - Britain is in talks with U.S. nuclear reactor company Westinghouse on building a new atomic power plant on Anglesey in Wales, The Times reported.

If it gets the go-ahead the new plant at Wylfa would be able to generate enough electricity to power more than six million homes and could be operational in the mid-2030s, The Times said.

The government said nuclear had a key role to play in reducing Britain's reliance in fossil fuels and exposure to volatile gas prices.

"We are seeking to approve at least one more large-scale nuclear project this Parliament in order to strengthen our energy security, and create thousands of jobs across the country," a spokesperson said.

"We recognise how important it is that we can manufacture fuel in Wales and the wider UK and maintain a skilled workforce in the sector."

Japan's Hitachi Ltd scrapped plans to build a nuclear power plant at the Wylfa site a year ago after it failed to find private investors or secure sufficient government support for the project.

The decision left only the British arm of France's EDF and China General Nuclear Power Corp building in the nuclear sector, where around half of UK plants are set to close in the next few years.

The partners are building the first UK nuclear power plant in decades at Hinckley Point in west England, and are planning a second at Sizewell in east England.

Nuclear power provided around 16.8% of Britain's electricity generation in 2019, according to National Grid, while gas was used to generate 38.4%.

The recent spike in gas prices combined with a fall in renewable generation due to low wind speeds had underlined the need for more nuclear capacity, The Times said, citing a government source.

"If our current situation shows anything it is that we need more stable home grown, low carbon generation in the UK," the source told the newspaper. "This is an important project that we're very keen to try and get off the ground."

(Reporting by Guy Faulconbridge and Paul Sandle; editing by Victor Jack and Sarah Young)


© Reuters 2021
Latest news "Economy & Forex"
03:23pCredit suisse group ag - will pay a penalty of about usd 200 mln, and bank has also agreed with fca to forgive usd 200 mln of debt owed by mozambique
RE
03:22pCredit suisse-in respect of deals with mozambique between 2013 &2016, its uk operations failed to conduct its business with due skill,care&diligence
RE
03:21pOil remains near multi-year highs as energy crunch persists
RE
03:21pCredit suisse group ag - condemns any unjustified observations and has already taken decisive steps to strengthen its relevant governance and processes
RE
03:21pCredit suisse group ag - noted today's announcement by finma that it has concluded its enforcement proceedings related to past observation activities
RE
03:20pCredit suisse group announces settlements for legacy issues with regards to mozambique and resolves the case on past observation activities
RE
03:19pU.S. says Credit Suisse to pay $475 million to resolve Mozambican scandal charges
RE
03:14pGE mandates COVID-19 vaccines for U.S. workers
RE
03:14pBiofuel investment should occur in California despite some opposition, regulator says
RE
03:13pU.s. doj says credit suisse resolves fraudulent mozambique loan case in $547 mln coordinated global resolution
RE
Latest news "Economy & Forex"