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The Prime Minister will try to ‘reset’ the UK’s energy supply by announcing next week’s budget will spend £20bn over 20 years on carbon capture and clean energy.
Jeremy Hunt said the investment will help households avoid seeing a spike in energy bills of the magnitude seen in the winter following Russia’s invasion of Ukraine.
Over 20 years, cash has generated 20-30 million tons of carbon dioxide (CO2) annual emissions by 2030 correspond to the emissions of 10 to 15 million vehicles.
During the spring budget period on Wednesday, Hunt said he will work on projects in earnest starting in 2024, and also announced plans to launch a race for the country’s first small modular reactor to boost nuclear power.
He also seeks to reclassify nuclear power as “environmentally sustainable”, subject to consultations, to further encourage private sector investment in the field.
The measures are part of the government’s plan to boost the UK’s domestic energy supply to move the country to net zero carbon emissions by 2050.
Ahead of the budget, the prime minister said: I never want to see such a high bill again. Now is the time to reset clean energy.
“That is why we are fully committed to nuclear power in the UK, supporting a new generation of small modular reactors and investing tens of billions of dollars in clean energy through carbon capture. It will help bring down energy bills and improve energy security for homes across the country, while delivering on one of our five promises of empowering consumers.”
The competition for small modular reactors will be conducted through the Great British Nuclear Project to coordinate the delivery of new plants to achieve the government’s ambition of 24 gigawatts of nuclear power by 2050.
Government agencies select potential nuclear project sites and remove cost, uncertainty, and bureaucratic barriers for manufacturers to formulate proposals.
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This follows private sector funding following a £210m investment in Rolls-Royce’s small modular reactor project, with the proposal now being evaluated by the Nuclear Regulatory and Safety Oversight Authority.
To support future sites for nuclear development, the government will also discuss a new approach to nuclear site selection later this year.
Energy Security Secretary Grant Shaps said:
“We are already a world leader in offshore wind and we want to do the same for the UK nuclear and carbon capture industries, which will allow us to bring wholesale electricity prices to some of the lowest in Europe.
“Today’s funding will play a vital role in making that happen, further supporting our net-zero goal and helping create green jobs across the country.”