The developer behind Wylfa Newydd said they need to see progress on the 海角视频 Government’s new funding approach as they welcomed the long awaited Energy white paper.
Hitachi withdrew from the £16bn Anglesey development in September - throwing the entire project into crisis.
Developer Horizon Nuclear Power has revealed there are “several parties” interested in taking over the scheme but funding remained the crux of the matter.
A planning decision on Wylfa Newydd was deferred until New Year’s Eve so that talks could continue.
This week the 海角视频 Government published its Energy white paper - titled ‘Powering our net zero future’. It sets out ambitious plans to clean up the energy system, support up to 220,000 British jobs, and keep bills affordable as the 海角视频 transitions to net zero by 2050.
It reinforces the Government’s commitment to nuclear - making clear it remained a key part of their energy mix.
They said they aimed to bring at least one further large scale nuclear project to the point of Final Investment Decision (FID) by the end of this Parliament, subject to clear value for money for both consumers and taxpayers and all relevant approvals.
Sizewell C is at the front of the queue with the 海角视频 Government in talks with EDF about the construction of a new £20bn nuclear power plant in Suffolk.
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The report added: “We will remain open to further projects later if the nuclear industry demonstrates that it is able to reduce costs and deliver to time and budget.”
On funding, they said: “Last year, we consulted on a Regulated Asset Base (RAB) model for private investment in new nuclear generation.
“Today we are publishing a summary of the responses which have indicated that a RAB model remains credible for funding large-scale nuclear projects.
"The government will continue to explore this, alongside a range of financing options, with the developer of the next large-scale project in the pipeline and other relevant stakeholders, including other nuclear developers.
“Raising enough private capital to finance a nuclear power station is challenging given the significant investment needed for a developer to reach a point of FID. In considering the financing options, we will examine the potential role of government finance during construction, provided there is clear value for money for consumers and taxpayers.”
A RAB model is used to incentivise private investment into public projects by providing a secure payback and return on investment for developers
Horizon said it welcomed the Government recognition of nuclear as “fundamental” to the energy mix.
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But they added: “There are several parties interested in Horizon’s sites at Wylfa and Oldbury, which make up one quarter of all of those earmarked in Government policy as suitable for nuclear.
“However to go forward with any of these we need to see progress on the Government’s new funding approach which, if done right, can enable new plants to be investable whilst at the same time bringing down the price of electricity.”
Ynys Môn MP Virginia Crosbie urged Secretary of State for Business, Energy and Industrial Strategy Alok Sharma to deliver Wylfa Newydd.
She said: “Apart from writing to Santa, what more can I do for my constituents across Ynys Môn to ensure they have good news regarding Wylfa Newydd this Christmas?”
The Secretary of State replied: “My honourable friend is a fantastic supporter of Ynys Môn and the role the island can have in supporting our energy transition.
"In terms of what more she can do, I would encourage her to continue doing what she has been doing already - advocating for her constituents, highlighting the opportunities and working collaboratively across the house.”
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Ms Crosbie later added: “After much speculation over recent months, I am pleased that the Energy White Paper released today provides more clarity over the future of nuclear energy in the 海角视频.
“The withdrawal of Hitachi from Wylfa Newydd in September was a blow, but the White Paper makes it clear that nuclear is very much a part of the 海角视频 Government’s approach to achieving net zero carbon by 2050.
"Nuclear is mentioned around 80 times in the peport, and the Government clearly states its support for large scale nuclear power generation as critical to the future of our energy supply.
“I will keep fighting to bring Wylfa Newydd to Anglesey.
"I see it as a key part of the Government’s levelling up agenda as well as our energy priorities and it will bring much needed quality employment to our island.”