The UK nuclear industry says is confident that by taking key steps outlined in a new report, and by action from the government to secure a new financing model, costs of new nuclear will fall by 30% in accordance with commitments made under a deal agreed in 2018.
The cross-industry report, published by the London-based Nuclear Industry Association, takes as its starting point the Nuclear Sector Deal, which was agreed between the UK government and the nuclear industry in June 2018 and includes a commitment to reduce the cost of future new nuclear by 30% 2030.
It says new-build nuclear power is vital to achieving net zero by 2050, as well as creating thousands of high-quality jobs and economic opportunities across the country.
It highlights the importance of “vigorous pre-construction planning”, stressing designs should be as mature as possible and emphasising that all key stakeholders must be aligned on the scope and scheduling of a project ahead of construction being started.
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