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The UK Government has published an energy security strategy that aims to boost the country’s energy independence following rising power prices and volatility in global markets due to the Russian invasion of Ukraine.
Under this strategy, up to eight nuclear reactors could be built on existing locations, with one approved every year until 2030.
The strategy also includes plans to increase the UK’s production of wind and solar farms, as well as hydrogen energy assets.
Under the plan, up to 95% of the country’s electricity could be drawn from sources with low carbon footprints by 2030.
UK Prime Minister Boris Johnson said: “We’re setting out bold plans to scale up and accelerate affordable, clean and secure energy made in Britain, for Britain – from new nuclear to offshore wind – in the decade ahead.
“This will reduce our dependence on power sources exposed to volatile international prices we cannot control, so we can enjoy greater energy self-sufficiency with cheaper bills.”
The strategy comes after consumers were impacted by a 54% increase in a price cap on their energy bills due to a jump in wholesale gas prices as a result of the Russia-Ukraine crisis, as reported by Bloomberg.
A new body called Great British Nuclear will be created to boost the UK’s nuclear power generation capacity.
The government expects to increase the country’s nuclear capacity from 8GW in 2020 to around 24GW by 2050, which is around 25% of the estimated electricity demand.
Its target for offshore wind power has been raised from the current 11GW to 50GW. Of this 50GW, the government expects 5GW to come from floating offshore wind in deeper seas.
The UK’s solar capacity is also expected to increase five times from the present 14GW to 70GW by 2035.
In addition, up to 10GW of hydrogen power is expected to be generated in the country by 2030.