Nuclear plants to be built faster in UK-US energy deal
Nuclear plants could come online faster in a new deal between the UK and the US aimed at boosting growth in the sector and bolstering energy security.
Under plans set to be signed off during US president Donald Trump’s state visit to the UK this week, the time for a nuclear project to get a licence will be cut from four years to two, while access to the UK energy market will be widened for US companies.
Alongside the plans, Maryland-based X-Energy struck a deal with the UK’s Centrica to build up to 12 advanced modular reactors in Hartlepool, in a move which would generate enough power for up to 1.5m homes and create up to 2,500 good jobs.
Florida-based Holtec has also signed a £11bn deal with EDF and Tritax to develop advanced data centres powered by small modular reactors at the former Cottam coal-fired power station in Nottinghamshire.
At the same time, Washington-based Last Energy reached an £80m agreement with the UK’s DP World to establish one of the world’s first micro modular nuclear power plants, to supply power for the expansion of DP World’s London Gateway port and business park.
Energy Secretary Ed Miliband said: “We’re kickstarting a golden age of nuclear in this country, joining forces with the US to turbocharge new nuclear developments and secure the technologies of the future.
“Nuclear will power our homes with clean, homegrown energy and the private sector is building it in Britain, delivering growth and well-paid skilled jobs for working people.”
US Secretary of the Interior Doug Burgum added: “With the United States at the helm of a global energy transformation, our strategic partnerships are driving the advancement of nuclear technologies, securing a clean, reliable and secure energy future for generations to come.
“Strengthened nuclear cooperation with the UK reinforces our unshakable commitment to technological leadership, global security and the responsible stewardship of nuclear power.”
Energy bills woes
The announcement comes as the government battles to bring down energy bills, which have almost doubled costs for households over the past eight years.
Alongside increasing the domestic supply of energy, Chancellor Rachel Reeves is reportedly weighing cutting VAT on energy to help lower consumer prices.
However, critics have questioned whether the move, which could cost the government nearly £2bn, would deliver tangible improvements to household budgets, warning that wealthy families with larger homes would disproportionately benefit from the tax break.