logo
Prime Minister unlocks land for new nuclear development in West Cumbria

Prime Minister unlocks land for new nuclear development in West Cumbria

Yahoo10-06-2025
PRIME Minister Keir Starmer has announced plans to unlock land at Moorside for new nuclear power generation following a year-long campaign by MP Josh MacAlister.
Writing exclusively for this paper, the Prime Minister revealed that land at Moorside will be freed up to be leased and marketed by a local development corporation to pave the way for a new nuclear power plant. This 'Pioneer Park' will seek to attract Small Modular Reactors (SMRs) and the energy intensive industry they could power.
The news formed part of a broader announcement by the Prime Minister giving the go-ahead to other major new nuclear projects across the country ahead of the Spending Review. These decisions are also expected to benefit Cumbria through investment in the nuclear supply chain.
Campaigners say unlocking land at Moorside has been the biggest barrier to securing new nuclear power generation in West Cumbria since the collapse of the NuGen deal in 2018.
Josh MacAlister MP with Energy Secretary Ed Miliband during discussions about future nuclear use of the land at Moorside (Image: Submitted)
Cumberland's four MPs, the leader of Cumberland Council and the leaders of the Nuclear Decommissioning Authority and Sellafield Ltd set up the Cumberland Nuclear Future Board last year.
Multiple meetings have been held with Ministers to try to resolve the issues with use of and access to the land. Agreement has now been reached and work is underway to make the land available. A market engagement process with nuclear and other clean energy developers will be launched this summer.
Writing for The Whitehaven News, the Prime Minister said: "Cumbria has always been at the heart of Britain's energy story. From Calder Hall to Sellafield, this region has powered the nation with world-class expertise and a proud industrial heritage. "And with this government, Cumbria will be at the front and centre of our plans, this time building a clean, secure energy future. We're doing things differently. No more dithering or delay. We're backing builders, not blockers – cutting through red tape and making bold decisions to get Britain moving. "That means backing our nuclear industry not just in Sizewell or through Small Modular Reactors, but right here in Cumbria. It's why we're taking decisive action to unlock the Moorside site for a new clean energy development. "Whether it becomes home to a fleet of SMRs or another major clean energy project, it will be led by a local development corporation – working with industry, unions, and the community to deliver jobs, growth, and energy security. "This is more than a policy. It's a drive to restore pride, create high-quality jobs, and rebuild Britain's industrial base. Nuclear power, alongside renewables, is central to our plan to decarbonise the grid and end our reliance on volatile fossil fuels. "All of this shows that this government is serious about developing clean energy projects. We're ready to get Britain building again – with steel, with confidence, and with communities like Cumbria central to that."
Josh MacAlister MP on land at Moorside (Image: Submitted)
Josh MacAlister, the MP for Whitehaven and Workington, said: 'I made a promise at the General Election to do everything possible to unlock land at Moorside for new nuclear. Some people thought it was a dead-end or a cynical promise that would be broken after the election. It hasn't been easy, but we've done it.
'Having the Prime Minister's backing is a real vote of confidence in West Cumbria and our people and I know we will rise to the challenge.
'Now we have the government behind us and an agreement on use of the land we can motor ahead to deliver Pioneer Park at pace. I can't promise we will get new nuclear, but unlocking this land gives us our best chance since the collapse of NuGen.
'What I can promise is I will do everything in my power to secure our nuclear future. We deserve nothing less.
'I'd also like to put on record my thanks to my fellow MPs, Cumberland Council, the NDA and Sellafield for working together so constructively to get this over the line. When Cumbrians are united, there's nothing we can't do."
Markus Campbell-Savours MP, Michelle Scrogham MP, Julie Minns MP, Josh MacAlister MP and Cumberland Council leader Cllr Mark Fryer following a meeting of the Cumberland Nuclear Future Board with Energy Secretary Ed Miliband (Image: Submitted)
Cllr Mark Fryer, leader of Cumberland Council, said: 'A clean energy development at Moorside is great news for Cumberland and West Cumbria in particular as it would help grow and diversify our future economy.
'The main driver for me is generating enough power at Moorside, by whatever means, to attract industry and technology to Cumberland that will sustain our economy and create jobs for west Cumbrians long after the inevitable downturn in decommissioning at Sellafield.
'While I am open to all clean energy developments that benefit our community, new nuclear build, in the form of Small Modular Reactors, would unquestionably provide us with the most power capacity for the size of land being made available and give us our best chance of achieving our ultimate goal of attracting industry, technology and jobs into our community.
'The council is fully committed to working with the NDA to understand how we can deliver maximum value and benefit from the land at Moorside for the local community.'
Cllr Joseph Ghayouba, who represents Bransty on Cumberland Council, said: "This announcement is welcome news after years of jam tomorrow promised by Tory governments. This puts us in control of our own destiny for that site and I will be working with the MP and within the council to bang the drum for jobs and investment."
The plan also has the backing of Cumberland's other MPs. In a joint statement, Julie Minns MP, Markus Campbell-Savours MP and Michelle Scrogham MP said: 'We've all been part of the Cumberland Nuclear Future Board from the beginning because of the benefit that would be felt right across the area from new nuclear development in West Cumbria.
'We stand fully behind the plan to unlock land at Moorside and welcome the Prime Minister's backing to drive this forward at pace.
'We'll be working through the board to ensure Pioneer Park is a success and delivers real and lasting benefits from Carlisle to Barrow.'
Mr MacAlister is hosting a public meeting to discuss his plan for new nuclear in West Cumbria on Thursday, June 26 at 6pm in Whitehaven.
Anyone wishing to attend can sign up at joshmacalister.uk/meetjosh or by calling his office on 01946 458023 and leaving your full name and address. Venue details will be provided following registration.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GE Vernova (GEV) Downgraded Despite AI Energy Momentum—Here's Why
GE Vernova (GEV) Downgraded Despite AI Energy Momentum—Here's Why

Yahoo

time30 minutes ago

  • Yahoo

GE Vernova (GEV) Downgraded Despite AI Energy Momentum—Here's Why

GE Vernova Inc. (NYSE:) is one of the . On July 28, Guggenheim downgraded GE Vernova (GEV) to 'Neutral' from Buy and removed the firm's previous $600 price target. The firm cited the belief that the stock's valuation 'fully reflects even the substantially above-consensus estimates' the firm is now publishing. 'Valuation is still admittedly attractive if investors are willing to focus on 2029 and beyond, but considering the wait required to get to that outcome, we no longer find GEV attractive from a risk/return standpoint.' The company reported better-than-expected results for the second quarter and raised full-year guidance. Sales of aeroderivative turbines, used in data centers, increased during the quarter. Moreover, backlog growth suggests potential for production may keep expanding beyond 2028. However, a formal announcement on capacity expansion is unlikely before late 2026, noted another firm Mizuho. GE Vernova Inc. (NYSE:GEV) is a global energy company and a soaring AI stock driven by the demand for energy to power artificial intelligence technology. While we acknowledge the potential of GEV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure: None.

Susquehanna Raises Price Target on Permian Resources (PR) Amid Strong Fundamentals
Susquehanna Raises Price Target on Permian Resources (PR) Amid Strong Fundamentals

Yahoo

timean hour ago

  • Yahoo

Susquehanna Raises Price Target on Permian Resources (PR) Amid Strong Fundamentals

Permian Resources Corporation (NYSE:PR) is one of the high growth stocks outside tech analysts are bullish on. Permian Resources Corporation (NYSE:PR) received a fresh vote of confidence from Susquehanna on July 23, 2025. The firm maintained its positive rating on the stock and increased its price target from $19.00 to $20.00 per share. That represents a potential upside of around 38.7% from the current market price of $14.42. Susquehanna Raises Price Target on Permian Resources (PR) Amid Strong Fundamentals Aerial view of an oil rig in the sea waters, reflecting the company's involvement in the oil and gas markets. This target hike suggests Susquehanna sees continued strength in the company's fundamentals, with potential for strong performance ahead. Investors may view this as a sign that Permian Resources is well-positioned in a volatile energy market, especially as oil prices remain firm. There is growing optimism that the company could deliver better-than-expected earnings or benefit from higher commodity prices in the near term. For current or potential investors, the 38%+ upside makes this stock worth a closer look, especially for those looking to gain exposure to the oil and gas sector at a reasonable valuation. Permian Resources is an independent oil and natural gas company focused on developing assets in the Delaware Basin. While we acknowledge the potential of PR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Most Profitable Consumer Stocks to Buy Now and 10 Best High-Margin Pharma Stocks to Buy Now. Disclosure: None.

Chevron Achieves Record Production, Sees Future Growth After Hess Deal
Chevron Achieves Record Production, Sees Future Growth After Hess Deal

Yahoo

timean hour ago

  • Yahoo

Chevron Achieves Record Production, Sees Future Growth After Hess Deal

Chevron Corp. (NYSE CVX) on Friday reported second-quarter 2025 results, with adjusted earnings and sales surpassing Wall Street estimates despite a decline in reported net earnings. The energy giant's adjusted earnings were $1.77 per share, down from $2.55 a year ago but above the consensus estimate of $1.76. Sales for the quarter were $44.82 billion, a 12.5% year-over-year decline that still beat the estimated $43.43 billion. Reported earnings fell to $2.5 billion ($1.45 per diluted share) from $4.4 billion a year earlier, a drop attributed to lower crude oil prices and a one-time net loss of $215 million related to the fair value measurement of Hess shares. Also Read: Segment performance varied. U.S. upstream earnings were $1.42 billion, down from $2.16 billion a year ago, while international upstream earnings fell to $1.31 billion from $2.31 billion. Both segments were impacted by lower liquids realizations, among other factors. In contrast, downstream operations showed growth, with U.S. earnings increasing to $404 million from $280 million and international earnings rising to $333 million from $317 million. View more earnings on CVX Operationally, the company set new quarterly records for worldwide and U.S. net oil-equivalent production, reaching 3.396 million barrels per day. This was driven by significant growth at the Tengizchevroil (TCO) affiliate (up 34%), the Gulf of America (up 22%), and the Permian Basin, which hit a milestone of 1 million barrels per day. Cash flow from operations increased to $8.6 billion from $6.3 billion, largely due to higher distributions from the TCO affiliate. The company returned $5.5 billion to shareholders in the quarter through $2.9 billion in dividends and $2.6 billion in share repurchases. Chevron's board of directors also declared a quarterly dividend of $1.71 per share, payable September 10, 2025, to all holders of common stock as shown on the transfer records at the close of business on August 19, 2025. CEO Mike Wirth said the completion of the Hess Corp. acquisition 'further strengthens our diversified portfolio and positions us to extend our production and free cash flow growth profile well into the next decade.' Other business milestones included entering the U.S. lithium sector, winning new exploration blocks, and starting production at the expanded Geismar renewable diesel plant. Price Action: CVX shares are trading 0.61% higher to $152.55 premarket at last check Friday. Read Next:Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? CHEVRON (CVX): Free Stock Analysis Report This article Chevron Achieves Record Production, Sees Future Growth After Hess Deal originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store