UK’s nuclear company NuGen, a joint venture between Japan’s Toshiba and France’s ENGIE, said Tuesday its planned 3,800-megawatt (MW) nuclear power plant in northwest England would cost far less than the Hinkley facility, Kallanish Energy learns.
Speaking before the House of Lords Economic Affairs Committee, NuGen CEO Tom Samson said he was aiming for the Moorside project in Cumbria, which would be bigger than EDF’s project, to roughly cost between “£13-£15 billion” ($16.1-18.6 billion).
Samson added the company was making “strong progress” in constructing other AP1000 nuclear reactors elsewhere in the world. “The delivery certainty and the confidence comes with taking the lessons learned from our global experience and building it into a UK mindset – for delivery in this country.”
The executive highlighted the importance of nuclear power as an affordable, low-carbon and reliable energy. “Nuclear has a meaningful impact on carbon reduction – 10% of the world’s power comes from nuclear, but 40% of the world’s carbon abatement comes from that 10%.”
NuGen and rival Horizon reportedly told the committee their projects would be cheaper and seek lower subsidies from the government than Hinkley Point C.