On March 10, the United Kingdom and France signed a cooperation agreement that put on paper the commitment that both countries share for nuclear energy while in Europe there is a discussion about the speed with which the change in the energy paradigm and so on should take place. It’s called a green rating, and it’s the way for investors and companies to distinguish between projects that negatively affect the climate and the environment. The commitment of both countries, which seems to have resumed the path of mutual cooperation since the arrival of British Prime Minister Rishi Sunak, and which was sealed with a meeting between the Prime Minister and Emmanuel Macron at the Elysee, is as follows: The parties stated in a statement, “Helping both countries achieve greater Energy security by moving away from fossil fuels and towards renewable energy sources and nuclear energy.
The UK and France already have a decades-old partnership in nuclear energy, and in fact, on British soil, it is the French company EDF that is currently leading the development of the Hinkley Point C nuclear power plant in Somerset, and it is expected to come online in 2027. In addition, after a historic investment of £700m (about €800m) announced last November, Prime Minister Rishi Sunak’s government has become coercive in New nuclear plant construction project near the fishing village of Sizewell, in the east of England, an investment that marks the first government support for a nuclear project in Britain in more than 30 years.
independence
Energy Secretary Grant Shapps said in a statement that supporting Sizewell C brings the UK closer to “greater energy independence and away from the risks of supply dependence on volatile global markets” and announced the creation of a body called Great British Nuclear, whose aim is to develop further atomic energy projects. . In addition, former Prime Minister Boris Johnson announced last year that his country intends to build eight new nuclear power plants by 2030, when all but one of the existing plants, which generate about 13% of the world’s electricity, is scheduled to close. . state, “to ensure that we are never again succumbed to the whims of world oil and gas prices” and that “they cannot be blackmailed by the likes of Vladimir Putin”.
In the European Union, France is the country that most defends the use of nuclear energy as an alternative to fossil fuels, while Spain opposes it, as well as Germany. The political debate is bitter and there is little common ground between detractors and supporters. For its part, the UK defends its strategic reasons behind this commitment to renewables, including an interest in relying less on Russia, especially after the invasion of Ukraine, which saw one year off in February. to diversify their supply. “We will continue to cooperate, through the Group of Seven and other channels, in support of this objective,” reads the Anglo-French agreement statement, in which both recognize the potential of new and emerging nuclear technologies, including small reactors (SMR). . and Advanced Modular Reactors (AMRs), “to shape the future of the civilian nuclear sector and provide innovative solutions to shared local challenges and global climate change.”
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For Secretary of Energy Grant Shapps, “Successful economies need abundant, reliable energy” and “(Vladimir) Putin’s barbaric invasion of Ukraine showed that energy security can only be achieved by working with our international friends.” Hence, now France is its great ally in “recognizing the fundamental role that nuclear energy will play in improving energy security and sovereignty, reducing carbon emissions to achieve neutrality by 2050 and providing affordable energy” as well as “supporting industrial and regional development.”
Looking for investment
Five days after announcing the Paris agreement, British financial adviser Jeremy Hunt also added that he would boost investment in nuclear power by launching a competition for small modular reactors (SMRs), such as those being developed by Rolls-Royce. Last year, the government approved £210m for the company for the £500m SMR programme, which could lead to the start-up of plants to build such reactors on British soil.
So far, despite the interest of successive conservative governments, The high cost of nuclear projects made it difficult to attract investors. Therefore, the option of the so-called metal reactors is one of the CEO’s strategies to expand his options. According to Hunt, who wants nuclear power to be labeled “environmentally sustainable,” this first “competition” for small modular reactors will end by the end of this year, and if it proves viable, we’ll co-finance this exciting new technology. “
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