Latest news from Simply Accounts & tax

Nuclear power to expand in the UK

The UK government has announced plans for expanding nuclear power in the UK. The Civil Nuclear Roadmap sets out how the UK will increase generation of nuclear-powered electricity so that by 2050 it is enough to provide a quarter of the UK's electricity needs.

Prompted by price volatility, increasing uncertainty abroad, and environmental concerns, the roadmap will help to continue the UK's efforts to have a more secure electricity supply and meet carbon neutral targets.

The roadmap acknowledges that investment in nuclear energy has fallen back in recent decades but commits to reverse this trend.

Besides the projects currently being developed at Hinkley Point and Sizewell, there are plans to explore a further large-scale reactor project.

There are also plans to deploy Small Modular Reactors (SMR). These are reactors that are smaller and can be manufactured in factories rather than on-site - as is currently the case with Large-Scale Nuclear Reactors such as Hinkley Point and Sizewell. It is hoped that these will make construction faster and less expensive.

Investment is also planned in research and development on more efficient means of producing nuclear power, as well as producing nuclear fuel for use in the UK and sale overseas.

These ambitious plans will create opportunities for businesses and developers that are in or linked to the Civil Nuclear industry.


January 24, 2024