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« Japan Threatens to Restart Nuclear Power Plants | Main | Stock Trader Update 28 June 2013 »

U.K. Nuclear Plan Advances With $15 Billion Loan Backing

The U.K. government’s decision to guarantee as much as 10 billion pounds ($15 billion) in debt for the first nuclear power station in two decades helps ensure Electricite de France SAwill support construction of the plant.

Treasury Chief Secretary Danny Alexander announced backing for the project in southwest England yesterday as the Energy Department outlined subsidised rates for wind and solar power of at least 100 pounds per megawatt hour for the next three years. EDF has indicated it needs about 95 pounds a megawatt hour to move ahead with the project.

The decisions fanned speculation that Prime Minister David Cameron’s government is preparing to announce incentives strong enough to prompt EDF to build the plant. Nuclear along with offshore wind is at the heart of Cameron’s program for replacing the fifth of the nation’s power generation that’s scheduled to retire from service within 10 years.

“It’s helpful for the project to go ahead, but also helpful in terms of government eventually being able to sign a contract that has a strike price that looks half way reasonable,” said Peter Atherton, an analyst at Liberum Capital Ltd. in London.

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