According to Sky News, the Government is planning on taking a 20 percent stake in the £ 20billion nuclear power plant in Sizewell, Suffolk. The Government will take on the stake alongside EDF Energy, which will also invest in 20 percent.
Ministers are hoping that infrastructure investors and other pension funds will take the remaining 60 percent stake.
Sky News also reported legislation regarding the planned Sizewell C nuclear plant, allowing the cost and financing of building to be added to customers’ bills, is going through parliament.
On Monday, Boris Johnson told nuclear industry bosses that the Government wants the UK to get 25 percent of its electricity from nuclear power
The Prime Minister met executives from major nuclear utilities and technology companies including the UK’s Rolls-Royce, France’s EDF, and the US’s Westinghouse and Bechtel.
The UK generates about 16 percent of its power from nuclear power stations, but several reactors are slated for closure.
Speaking after the meeting, Tom Greatrex, the chief executive of the Nuclear Industry Association (NIA), said: “Accelerating nuclear projects is absolutely essential to keep energy costs down, cut expensive gas imports and strengthen our energy security as we move towards net zero .
“That means urgently investing in a fleet of large and small nuclear stations, alongside renewable investment, to deliver the clean, sovereign power we need.”
Earlier in March, Mr Johnson announced the UK will stop importing Russian oil by the end of 2023, in a bid to stop Moscow exerting influence through energy.
There are no gas pipelines directly linking the UK with Russia and imports from Russia made up less than 4 percent of total UK gas supply in 2021.
The Prime Minister said at the time consumers would be protected and the Government said the transition to new suppliers of oil would be “smooth”.
He added: “We can certainly do it… in a way that doesn’t disrupt supply, that ensures we have substitute supplies on stream in an orderly way and in a timetable that won’t affect UK business, won’t affect UK manufacturing , road haulage or other parts of our industry but will punish the regime of Vladimir Putin. “
It comes after a report said the UK could eliminate all need for imports of Russian gas this year through a combination of energy efficiency, expanding renewable power generation and a campaign to help people change their behavior.
Green thinktank E3G suggested turning down thermostats slightly and adjusting the “flow” temperature on condensing boilers could reduce annual heating bills by more than 15 percent.
E3G added measures like better insulation, switching to heat pumps and using more energy-efficient appliances, could cut imports of Russian gas to the UK by 80 percent this year and save about £ 150 on the average household bill.
Colm Britchfield, researcher at E3G and co-author of the report, said: “With government support, ordinary UK households can play a huge role in cutting Putin out of our energy system.”
Meanwhile, the UK will also try to take advantage of a major reshaping in energy markets as hydrogen offers a chance to increase the country’s energy security.
Tim Harper, CEO of hydrogen infrastructure firm Element 2, told Express.co.uk many in the industry predict lessons learned over energy dependency will further push innovation.
He said: “It’s definitely accelerated the transition away from fossil fuels.
“We’ve found that in the last three and a half weeks suddenly a lot of people are getting off the fence and just saying ‘how quickly can we move to hydrogen, where can we get the trucks from, how fast can we get the infrastructure in ‘.
“People have seen the writing on the wall, certainly for diesel.”
According to Mr Harper utilizing the UK’s wind farms would remove the dependency on commodities such as gas and provide a useful store of power from excess electricity generated.
Unlike oil and gas which require large scale refineries hydrogen can also be produced locally at smaller scale.