Plans to build a new nuclear power plant at Moorside in West Cumbria have moved one step forward following an agreement by HM Treasury to provide financial security for private investors in the project.
The UK Government and NuGeneration Limited (a UK nuclear company owned by Toshiba-Westinghouse and GDF SUEZ, a French oil company) will work together to agree support through the UK Guarantee scheme which encourages quicker investment to get the project started.
When fully operational, the planned Moorside reactors will have a combined capacity of 3.4 GW which is enough to power up to six million homes. It will create 21,000 jobs and is expected to come online in 2024.
Moorside – near the existing Sellafield nuclear complex – joins Hinkley Point C as part of the Government’s wider nuclear programme with plans for up to 13 new reactors on 5 different sites, supporting low carbon and energy security objectives at a time when existing power plants are retiring and low-carbon generation is required to meet national and international commitments.
Chancellor of the Exchequer, George Osborne, said: “We’re happy to have signed this agreement with NuGen. Investment in a new generation of civil nuclear power is part of our long term economic plan to provide Britain with the energy it needs for decades to come.”
“We’ve already done a lot to support new investment through our changes to the planning regime, the Generic Design Approval process and reforms to the electricity market. The Guarantee Scheme is another way in which we can help companies to make the huge investment that building new nuclear power involves.”
Sandy Rupprecht, Chief Executive, NuGen, said: “The signing of this co-operation agreement with HM Treasury is another demonstration of NuGen’s forward momentum as we power forward with our Moorside project in West Cumbria.”
NuGen, supported by its parent companies, Toshiba and GDF SUEZ, is taking forward the project, which will see three Westinghouse AP1000® reactors built on land to the north and west of the Sellafield complex in West Cumbria.