financetom
News
financetom
/
News
/
Why's the UK trying to bolster its nuclear energy infrastructure?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Why's the UK trying to bolster its nuclear energy infrastructure?
May 31, 2024 1:51 PM

The UK government has ambitious goals for the quick expansion of the nuclear energy sector in the country, with plans to build two nuclear power stations in the next decade, both were already approved, with the aim of shifting the UK away from the reliance on fossil fuels.

The UK government recently announced plans for the biggest expansion in nuclear energy in 70 years, hoping to utilize such energy to fulfill 25% of total electricity needs in the country by 2025, which means a nearly 4-fold increase in capacity.

The new nuclear energy plant located in southwestern England is expected to fulfill nearly 7% of total electricity needs in the UK once its online.

Its worth noting that the French company EDF is managing all five nuclear power stations in the UK right now, and is responsible for developing the next plant in Somerset, valued at nearly $58.4 billion.

The company also got approval to develop a second plant called Sizewell C, expected to be identical to the first plant, with final decisions to be taken by the end of 2024.

And now the UK is discussing the potential of a third new nuclear station in Wales, with negotiations ongoing with several major companies in the field, including a major South Korean developer, with the results of the negotiations expected in the next year or two at the most.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US dollar tries to recover from five-week trough
US dollar tries to recover from five-week trough
May 27, 2025
The US dollar rose in European trade on Tuesday for the first time in three sessions against a basket of major rivals, as it tries to recover from five-week lows on short-covering. Now traders await important US data later today to assess the odds of future Fed rate cuts. The Index The dollar index rose 0.5% to 99.44, with a...
Yen rushes to four-week high on strong demand
Yen rushes to four-week high on strong demand
May 27, 2025
The Japanese yen rose in Asian trade on Tuesday against a basket of major rivals, resuming gains against the dollar after a short hiatus and hitting a four-week high on strong haven demand amid concerns about US debt levels. Gains are also bolstered by the increasing odds of a Japanese interest rate hike in June in response to mounting inflationary...
How does the Fed react to Trump's trade war?
How does the Fed react to Trump's trade war?
May 27, 2025
The Federal Reserve warned against increasing economic risks when it decided to hold interest rates unchanged in May. Fed Chair Jerome Powell focused on uncertainty for the worlds largest economy following Trumps aggressive tariff decisions during his post-Fed meeting speech this month. Now markets expect two interest rate cuts overall this year, with some even thinking that this is overly...
Euro hovers near four-week high after Lagarde's remarks
Euro hovers near four-week high after Lagarde's remarks
May 27, 2025
The euro rose in European trade on Tuesday on track for the third straight session against the US dollar, and about to hit a four-week high amid concerns about US financial stability. Recent bullish remarks by European Central Bank President Christine Lagarde provided more positive momentum for the euro, and underscored investor confidence in the EU. The Price The EUR/USD...
Copyright 2023-2025 - www.financetom.com All Rights Reserved