Explainer-in-brief: Boris Johnson hits the nuclear option
Yesterday, Boris Johnson met with bosses from the nuclear industry to discuss the future of the sector.
It was part of the Prime Minister’s bet on nuclear power, to phase out Russian gas and oil. This includes everything from small modular reactors to big power plants.
As Johnson gets ready for the publication of the energy strategy, expected by the end of March, he’s strengthening his commitment to nuclear energy. He is reportedly looking at a fivefold increase in nuclear capacity by 2050.
Nuclear energy is a convenient political tool for Johnson: it fits the green agenda and his plans for more self-sufficiency.
But the problem of price is not going away, and it’s likely what’s making the Treasury feel uncomfortable about these plans. Building one nuclear station usually requires at least £20bn and it takes years to build. Hinkley Point C won’t be ready until 2026 – and is set to be more than £3bn over budget.