The British Nuclear Industry Needs More Government Support

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.

Post Disclaimer

The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.

This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.

The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.