NuGeneration Limited have been granted government funding for a new nuclear power plant in West Cumbria.
In June 2011, a site in West Cumbria was confirmed as a suitable location for the development of a new nuclear power station. The project is named ‘Moorside’ and is proposed by NuGeneration Limited (‘NuGen’)- a UK nuclear company- who hope to develop a new generation nuclear power station of up to 3.4 GW.
The nuclear power plant is required to respond to the challenges of securing future energy supplies and achieving reductions in CO2 emissions. Nuclear energy has a fundamental role to play in helping guarantee the UK’s future energy supplies, and in delivering clean, affordable, low-carbon electricity.
The Nuclear Decommissioning Authority states that the new nuclear plant would bring at least £10 billion of investment and create up to 21,000 jobs during construction, including peak on-site employment of more than 6,000. Once in operation, the plant would employ around a 1000 people.
However, without major investment from the UK government, the nuclear power plant would struggle to be constructed relying purely on private sector cash. This pressure on the government to provide money for the new nuclear power project has resulted in the government pledging to support the project financially.
On December 2nd 2014, the government guaranteed that money will be available to build the new nuclear power plant. NuGen have signed a co-operation agreement with HM Treasury to promote financing for the new power station.
Sandy Rupprecht, Chief Executive of NuGen, welcomed the news, adding: “The signing of this co-operation agreement with HM Treasury is another demonstration of NuGen’s forward momentum as we power forward with our Moorside project in West Cumbria.”
NuGen hopes that planning permission and licensing will be granted in 2018, permitting construction to begin in 2020. The first reactor would hopefully go on stream in 2024 and all three should be operational by 2026.
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