Gulf states eye British nuclear power investment

Posted at May 1, 2023 » By : » Categories : News » Comments Off on Gulf states eye British nuclear power investment

Gulf states are considering bankrolling Britain’s efforts to build new nuclear power stations, according to the Energy Security Secretary.

Grant Shapps visited the region in January and remains in constant contact with investors who are interested in the nuclear sector.

The UAE and Bahrain have large sovereign wealth funds and are investing in clean energy as part of global efforts to reduce fossil fuel use.

The UK Government wants nuclear power to account for around 25% of the country’s electricity by 2050, compared to 16% currently.

However, experts say acquiring investment for nuclear projects is difficult due to several factors.

These include the high costs associated with building and maintaining nuclear power stations, the risks of nuclear accidents and concerns about geopolitical issues.

EDF owns Britain’s nuclear fleet but will need outside investors to build its planned Sizewell C project in Suffolk.

During a visit to Hinkley Point C, Mr Shapps said Sizewell C would be a “replica” of Hinkley, which should produce a quicker and less expensive build.

France’s energy minister, Agnès Pannier-Runacher, said Sizewell C would be a boost to clean energy supplies and it was “really important we deliver this project in a timely manner.”

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