Kwasi Kwarteng grilled by Trevor Phillips over energy crisis
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Firms in the nuclear industry will now be able to apply for grants from the pot of taxpayers’ cash to invest in construction projects, including small modular reactors. Ministers hope the grants will encourage private-sector investment in new nuclear schemes in the effort to find cheaper and reliable energy sources.
Business and Energy Secretary Kwasi Kwarteng said: “Our new £120million fund will push forward our plan to deploy a new fleet of nuclear power stations as part of a British nuclear renaissance.
“By encouraging new companies to come forward and build in Britain, we can spur greater competition in the market to cut development costs so consumers benefit in the long term.
“Nuclear is central to our long-term plan to bolster the UK’s energy security with cheaper, cleaner, home-grown power, while creating thousands of high-skilled jobs.”
Energy Minister Greg Hands said: “This Government is backing nuclear power as a critical part of our British Energy Security Strategy.
“This fund will accelerate the development of new nuclear – from small modular reactors to larger projects – and bring fresh innovation into the market.”
Whitehall officials expect the fund to kick off new nuclear power schemes in every region of the UK, creating thousands of jobs.
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