Britain’s floundering nuclear energy programme is to be rebooted with a new funding model that allows costs to be front-loaded on to consumer bills, as ministers look to bring in new investors and shut out Chinese companies to replace its ageing nuclear facilities.
Kwasi Kwarteng, business secretary, on Tuesday set out a bill to revamp the way nuclear facilities are funded following the cancellation of recent projects, and is hoping to attract investors from the UK, US and elsewhere before the country’s existing reactors retire by 2035.
Although Kwarteng talks only of wanting to reduce “the UK’s reliance on overseas developers”, Tory MPs believe the move will help him oust China’s CGN from future energy projects.
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