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U.K. Nuclear Plan Advances With $15 Billion Loan Backing
The U.K. government’s decision to guarantee as much as 10 billion pounds ($15 billion) in debt for the first nuclear power station in two decades helps ensure Electricite de France SA will support construction of the plant.
Treasury Chief Secretary Danny Alexander announced backing for the project in southwest England yesterday as the Energy Department outlined subsidised rates for wind and solar power of at least 100 pounds per megawatt hour for the next three years. EDF has indicated it needs about 95 pounds a megawatt hour to move ahead with the project.
The decisions fanned speculation that Prime Minister David Cameron’s government is preparing to announce incentives strong enough to prompt EDF to build the plant. Nuclear along with offshore wind is at the heart of Cameron’s program for replacing the fifth of the nation’s power generation that’s scheduled to retire from service within 10 years.
...snip...
The guarantee was announced as Britain unveiled it would pay offshore wind developers triple the market price for electricity they generate to 155 pounds ($237) per megawatt-hour, from next year. Onshore wind farms get 100 pounds a megawatt-hour for the next three year, and large solar plants 125 pounds next year and the year after. “The read-across to nuclear is positive,” Dominic Nash, an analyst at Macquarie Securities. (MAQIISF) “If you’re at those sort of levels for a lot of those technologies, it makes it easier to give a higher price for nuclear.”
http://www.bloomberg.com/news/2013-06-27/u-k-s-nuclear-plan-advances-with-15-billion-treasury-backing.html
Treasury Chief Secretary Danny Alexander announced backing for the project in southwest England yesterday as the Energy Department outlined subsidised rates for wind and solar power of at least 100 pounds per megawatt hour for the next three years. EDF has indicated it needs about 95 pounds a megawatt hour to move ahead with the project.
The decisions fanned speculation that Prime Minister David Cameron’s government is preparing to announce incentives strong enough to prompt EDF to build the plant. Nuclear along with offshore wind is at the heart of Cameron’s program for replacing the fifth of the nation’s power generation that’s scheduled to retire from service within 10 years.
...snip...
The guarantee was announced as Britain unveiled it would pay offshore wind developers triple the market price for electricity they generate to 155 pounds ($237) per megawatt-hour, from next year. Onshore wind farms get 100 pounds a megawatt-hour for the next three year, and large solar plants 125 pounds next year and the year after. “The read-across to nuclear is positive,” Dominic Nash, an analyst at Macquarie Securities. (MAQIISF) “If you’re at those sort of levels for a lot of those technologies, it makes it easier to give a higher price for nuclear.”
http://www.bloomberg.com/news/2013-06-27/u-k-s-nuclear-plan-advances-with-15-billion-treasury-backing.html
