Latest news with #GMBCongress
Glasgow Times
3 hours ago
- Business
- Glasgow Times
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Chancellor of the Exchequer Rachel Reeves is set to confirm £14.2 billion of investment in the new Sizewell C nuclear plant(Stefan Rousseau/PA) Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance' (Kin Cheung/PA) Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
Rhyl Journal
5 hours ago
- Business
- Rhyl Journal
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
Leader Live
6 hours ago
- Business
- Leader Live
Reeves signs off on £14bn to build new nuclear plant Sizewell C
The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
Yahoo
6 hours ago
- Business
- Yahoo
Ed Miliband turns to nuclear power as blackout fears rise
Ed Miliband is to pump billions of pounds into a nuclear power renaissance to keep Britain's lights on. The Energy Secretary will on Tuesday commit £14.2bn to building two giant reactors at Sizewell, Suffolk, capable of providing 6m homes with electricity regardless of low winds and dark winter days. The heavy investment comes as fears rise that Mr Miliband's rush to build wind and solar farms is leaving the grid too exposed to the weather and vulnerable to outages. Over-reliance on intermittent renewables could even threaten blackouts of the kind that hit Spain in April, say experts. Nuclear generation is a reliable source of so-called baseload power, the minimum amount of demand on the grid. Writing in The Telegraph, Mr Miliband said the announcement marked a new 'golden age' for the British nuclear industry. He said: 'This challenge of energy security and the demands of the climate crisis mean that it is in our interests to shift as fast as possible to clean, home-grown power. 'The demand for that power is expected to at least double by 2050. That's why we need all the clean, home-grown sources that we can to meet the demands we face. New nuclear is a crucial source of firm, baseload power.' The money is in addition to the £3.6bn pledged by the previous Conservative government. It means Sizewell C is to receive a total of £17.8bn in public money between 2022 and 2029, with more to follow. Rachel Reeves, the Chancellor is set to confirm the funding at the GMB Congress later on Tuesday ahead of the Government's spending review. Ms Reeves is to hand out £300bn more in public spending than was proposed by the Tories, following a record £40bn tax raid last year. The NHS is expected to receive an additional £30bn, meaning it will be among the biggest winners. An extra £113bn is also earmarked for infrastructure projects. However, day-to-day spending will be squeezed, with a real terms rise of 1.2pc in the next three years – down from 2.5pc in the last two years. Unprotected departments will face real terms cuts. A post-Brexit farming fund is expected to be reduced in size. There have also been clashes over police funding and social housing. Yvette Cooper, the Home Secretary, became the last Cabinet minister to settle with the Treasury on Monday, following heated discussions that sources said had raised fears she might resign. As well as billions for Sizewell C, it is also expected that one of Europe's first programmes building small modular reactors (SMRs) will be confirmed. Partly built on production lines by engineering giants including Rolls-Royce, it is hoped these smaller and much cheaper nuclear power stations will allow Britain to more quickly replace the older plants that must be decommissioned in the coming years. Taxpayers will also contribute £2.5bn to a five-year investment in fusion research, which aims to unlock the nuclear reaction which powers the sun as a source of clean and cheap power on Earth. Nuclear power is seen as increasingly vital to protect Britain's power grids after the shutdowns of all its coal-fired power stations and the looming closures of many of the nation's 35 or so large gas-fired power stations. Such traditional 'thermal' power stations generate electricity by making steam that spins turbines. The rotating masses of metal are vital to stabilise the voltage and frequency of the power supplied to the grid – which is highly sensitive to even tiny fluctuations. In the UK, however, nuclear has always proved to be far more expensive than other sources of electricity. This is why, despite the UK opening the world's first commercial nuclear power station in the 1950s, no new nuclear plant has opened in the UK since 1995, with all of the existing fleet except Sizewell B likely to be phased out by the early 2030s. Energy analyst Kathryn Porter warned the UK was committing itself to an outdated and expensive reactor design at Sizewell C. She said: 'It's hard to imagine a 'golden age' of nuclear power with EDF's outdated and troubled reactor design. EDF in France is already looking to the next generation – building another of these older versions is a retrograde step. 'It's also highly unlikely that Sizewell C would be built faster than Hinkley given the lengthening of supply chains.' The costs for Hinkley Point C, under construction in Somerset, have risen from around £20bn to at least £42bn with some experts warning the final bill will come close to £50bn when it starts operating around 2031. Such unpredictable construction costs have made it difficult for the Government to find any companies willing to invest in Sizewell C. EDF, the French state energy company which is building Hinkley, has progressively reduced its stake in Sizewell C leaving the Government holding 84pc. Officials have been seeking foreign state investment including from the United Arab Emirates. Mr Miliband still refuses to divulge the estimated final cost of Sizewell C and negotiations with prospective partners are thought to still be under way. The best estimates to date suggest the power station will cost about £40bn. The money will come initially from the Treasury but it and other investors will recover the construction costs via a new levy, known as the Regulated Asset Base, to be added to consumer and business energy bills. The Government has claimed that this will initially cost only £12 per household per year, but experts say this would raise far less than needed – so the amounts are likely to increase, driving up energy bills. Andrew Bowie, Conservative shadow energy spokesman, said nuclear power offered a reliable and continuous source of electricity essential to balance the intermittency of renewables like wind and solar. 'We need to move to a lower-carbon electricity system that includes wind and solar. 'But we do not have the electricity storage capacity needed for times when the wind doesn't blow and the sun doesn't shine. Nuclear will give us reliable baseload electricity to stabilise the system.' Richard Tice, Reform's energy spokesman, was also broadly supportive but criticised Mr Miliband for delays around commissioning SMRs as well. 'We need to accelerate our nuclear plans, but why is the Government being so slow to progress cheaper SMRs that can be delivered faster?' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
ITV News
6 hours ago
- Business
- ITV News
Reeves signs off on £14bn to build new nuclear plant Sizewell C
Rachel Reeves has signed off on £14.2 billion of investment to build the new Sizewell C nuclear plant as part of the spending review. The Chancellor is set to confirm the funding at the GMB Congress on Tuesday. Energy Secretary Ed Miliband said new nuclear power capacity was needed to deliver a 'golden age of clean energy abundance'. Trade unions welcomed the move, which the Treasury said would go towards creating 10,000 jobs, including 1,500 apprenticeships. But the head of a campaign group opposing the plant criticised the decision to commit the funding, saying it is still not clear what the total cost will be. Nuclear plants are seen as increasingly important electricity sources as the Government tries to decarbonise Britain's grid by 2030, replacing fossil fuels with green power. The last time Britain completed one was in 1987, which was the Sizewell B plant. Hinkley Point C, in Somerset, is under construction and is expected to produce enough power for about six million homes when it opens, but that may not be until 2031. The Energy Secretary said: 'We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis. 'This is the Government's clean energy mission in action – investing in lower bills and good jobs for energy security.' It will get the UK off the 'fossil fuel rollercoaster', he separately told The Guardian. 'We know that we're going to have to see electricity demand at least double by 2050. All the expert advice says nuclear has a really important role to play in the energy system. 'In any sensible reckoning, this is essential to get to our clean power and net zero ambitions.' The joint managing directors of Sizewell C, Julia Pyke and Nigel Cann, said: 'Today marks the start of an exciting new chapter for Sizewell C, the UK's first British-owned nuclear power plant in over 30 years.' At the peak of construction, Sizewell C is expected to provide 10,000 jobs and the company behind the project has already signed £330 million worth of contracts with local businesses. The plant, which will power the equivalent of six million homes, is planned to be operational in the 2030s. The Government is also due to confirm one of Europe's first small modular reactor programmes and will invest £2.5 billion over five years in fusion energy research as part of plans to boost the UK's nuclear industry. The GMB union said giving Sizewell C the go-ahead was 'momentous'. Regional Secretary Warren Kenny said: 'Nuclear power is essential for clean, affordable, and reliable energy – without new nuclear, there can be no net zero. 'Sizewell C will provide thousands of good, skilled, unionised jobs and we look forward to working closely with the Government and Sizewell C to help secure a greener future for this country's energy sector.' Mike Clancy, general secretary of Prospect, said: 'Delivering this funding for Sizewell C is a vital step forward, this project is critical to securing the future of the nuclear industry in the UK. 'New nuclear is essential to achieving net zero, providing a baseload of clean and secure energy, as well as supporting good, unionised jobs. 'Further investment in SMRs and fusion research shows we are finally serious about developing a 21st-century nuclear industry. All funding must be backed up by a whole-industry plan to ensure we have the workforce and skills we need for these plans to succeed.' Alison Downes of Stop Sizewell C said ministers had not 'come clean' about the full cost of the project, which the group have previously estimated could be some £40 billion. 'There still appears to be no final investment decision for Sizewell C, but £14.2 billion in taxpayers' funding, a decision we condemn and firmly believe the government will come to regret. 'Where is the benefit for voters in ploughing more money into Sizewell C that could be spent on other priorities, and when the project will add to consumer bills and is guaranteed to be late and overspent just like Hinkley C? 'Ministers have still not come clean about Sizewell C's cost and, given negotiations with private investors are incomplete, they have signed away all leverage and will be forced to offer generous deals that undermine value for money. Starmer and Reeves have just signed up to HS2 mark 2.'
