Following his roundtable meeting with the nuclear energy industry companies, such as British Rolls-Royce, French EDF and the US's Westinghouse and Betchel, Prime Minister Boris Johnson has announced that the UK government wants the country to source 25% of its electricity from nuclear power.
Given the recent fuel and energy price increase and the invasion of Ukraine among the factors that caused a widespread energy crisis in Europe, many of the MPs across the political spectrum stressed the need for energy independence to avoid such difficulties in the future. According to some, the UK should invest in more nuclear power to ensure energy security for years to come.
Currently, the UK generates about 16% of its power from nuclear power stations, but several reactors are set to be decommissioned in the coming years, while the demand for electricity is set to steadily increase over the next decade. This would mean that significant investments are needed to develop new nuclear power stations just to keep up with the current energy demand, let alone increase it to a record level of a quarter of the electricity production share.
For some, nuclear energy is considered one of the most expensive sources of energy that takes years to develop and then decommission, whilst leaving us with very dangerous waste that must be deposited away deep in the ground for thousands of years to avoid the risk of radiation. For others, however, nuclear electricity production is one of the greenest ways to secure energy supply "for when the sun doesn't shine" and should be a vital part of the UK's energy mix.
Recently, the Energy Secretary, Kwasi Kwarteng announced a path for the government to develop "clean energy" which would involve a mix of renewable installations and nuclear power in conjunction with large investments in boosting domestic and non-domestic energy efficiency.
Major obstacles to new nuclear power developments include serious difficulties in securing funding from private investors and a Scottish ban on new nuclear projects, which essentially prevents the Hunterston B power plant from being replaced.
Speaking after the meeting with the PM, the chief executive of the Nuclear Industry Association, Tom Greatrex, said: "Accelerating nuclear projects is absolutely essential to keep energy costs down, cut expensive gas imports and strengthen our energy security as we move towards net zero.
"That means urgently investing in a fleet of large and small nuclear stations, alongside renewable investment, to deliver the clean, sovereign power we need."
