According to Bloomberg, Britain’s nuclear industry is joining a growing chorus of the energy industry. They want more government support and more clarity about its future.
Over the past few years, the oil and gas industry has been singing the same tune as the government calling for a better future and more government support. The criticisms that the U.S. government was not investing enough in oil production growth caused a resentful reaction from American oil companies. Although the Biden Administration offered future purchases to help replenish the nation’s Strategic Petroleum Reserves in order to meet future demand, oil and gas companies wanted more: infrastructure approvals, simplified permitting processes, an end to bank lending to dirty industries, and a change of tone from the Administration.
Britain’s nuclear industry has been expressing frustration with its government. It wants an additional 24 GW of nuclear power over the next 27 year. Bloomberg estimates that this could provide enough power to power 18 million homes. According to Parliamentary pleas, the nuclear industry is having trouble coming up with the $25Billion financing necessary to accomplish such an ambitious mission.
“What we don’t currently have is the required clarity from government regarding how we get from where are now to where we need be very soon,” a Westinghouse spokesperson told Parliament Wednesday. “The UK government must give clarity to the market and potential investors.”
Great British Nuclear, a support organization for the nuclear industry, is being developed by the UK.
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