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UK Government unveils nuclear funding plan with Wylfa a 'possible' site for reactors

Updated October ,21, 2021

0_Hitachi-To-Suspend-Work-On-The-Wylfa-Newydd-Nuclear-Power-Station

UK Government has unveiled further details on its plans for nuclear as part of the Net Zero: Build Back Greener strategy.

The Government said it would bring at least one large-scale nuclear project to the point of final investment decision by the end of this Parliament, with negotiations ongoing on Sizewell C in Suffolk.

They now plan to establish the Regulated Asset Base model to fund new nuclear projects - where revenue is made by the investors while construction is taking place, funded by energy bill payers and/or taxpayers.

They said they will also take measures to inform investment decisions during the next Parliament on further nuclear projects.

This will include consideration of large scale and advanced nuclear technologies, including Small Modular Reactors (SMRs)and potentially Advanced Modular Reactors(AMRs) - although this would be into the early 2030s.

They said there would be a number of possible sites available for these options, including Wylfa on Anglesey. Trawsfynydd, in Gwynedd, is not mentioned in the strategy although this does not rule it out as a potential location for an SMR.

Hitachi withdrew from developing Wylfa Newydd after failing to reach a funding deal with UK Government but a US consortium is now interested in the site.

Meanwhile Rolls Royce is leading a separate consortium on developing SMRs with both Wylfa and Traws mentioned as potential locations for the reactors.

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