The British government has had to revise its initial target of having 16 GW of nuclear reactors in place by 2025.
The first nuclear plant being built by EDF Energy (Euronext: EDF) will now cost £14bn and in a Nuclear Industrial Strategy report, it was revealed that the reactors planned for five sites will now be in place by 2030, instead of 2025.
EDF plans to build a 3.2 GW twin-reactor plant at the Hinkley site but is locked in talks with ministers over subsidies for the project. The French company set a deadline of the end of the month to get an agreement.
Chancellor George Osborne told MPs on Tuesday that the Government was “in a hard commercial bargain” with EDF.
Quoted in the Daily Telegraph, Tony Lodge, research fellow at the Centre for Policy Studies, said the timetable slipping was “hugely significant” because it meant Britain would be “hugely dependent” on gas-fired power plants.
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