Media Coverage
Source: Bloomberg
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
11.30.20
A portion of the $27 billion a year that the U.K. plans to invest in the energy sector will need to go toward building stable forms of power generation that can keep the lights on when the wind drops, Bloomberg reported.
Britain will need back-up for the 40 gigawatts of offshore wind it’s planning to construct by 2030. That will come from nuclear plants, power stations that burn hydrogen, or natural gas with carbon capture and storage, according to the National Infrastructure Plan published by the U.K. government. Building more grid connections and ways of storing electricity will also be needed.
According to the plan, the government will “ensure private capital investment is able to continue to finance the energy transition and allow these technologies and network investments to come forward.”
The nuclear sector has long been waiting for some reassurance about the future of the technology in the U.K.
“The strategy is of huge symbolic importance,” said Vince Zabielski, a London-based Energy special counsel at Pillsbury. “Committing money to a suite of large-scale reactors, alongside the recent 10-point plan’s commitment to develop small modular technology, will provide significant reassurance to the sector.”