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New report - Bridging the Gap: The Case for New Nuclear Investment
26 January 2021 Global NewsThe Centre for Policy Studies (CPS) has published a report on nuclear power in the UK, advocating for the construction of another large-scale power plant, alongside Hinckley Point C, to support the country’s drive toward Net Zero by 2050. Notably, it discusses the potential use of the Regulated Asset Base (RAB) model to finance the construction of new nuclear stations, which the UK Government is consulting on.
While the UK power generation sector has succeeded in cutting its emissions by over 62%, the report cites recent Committee for Climate Change (CCC) analysis that shows that electricity demand could double to approximately 677 TWh per annum by 2050. This increase is will likely be driven by the intensified uptake of electric vehicles, heating systems and other applications.
The report notes that renewable energy sources (wind, solar and others) will likely increase their share of generation to meet some of this demand, but a lack of advanced battery capability and the intermittent nature of renewables means that zero-carbon nuclear power could be needed to replace shortfalls in generation.
The CPS advocates for the construction of new nuclear reactors to mitigate the expected loss of zero-carbon baseload capacity, as 14 of the 15 nuclear reactors currently in operation will be retired by 2030. Some of this loss will be met by the completion of Hinkley Point C (3.2 GW). The report cautions that without further replacement reactors the UK will “risk energy insecurity,” remain dependant on fossil-fuel power generation and, potentially, stymie the country’s transition to Net Zero.
The report also contends that Government support for this type of generation will ensure that other areas of the sector are encouraged, such as small modular reactors (SMRs), stating that the Government should modernise regulations for the entire nuclear industry and harmonise regulations for SMRs with other countries, which could support their future export by reducing compliance costs in other markets.
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