A £120 million government fund designed to unlock and accelerate new nuclear technologies has opened for bids.
The Future Nuclear Enabling Fund (FNEF) will enable nuclear developers to start developing in-depth proposals and make it easier for new companies to enter the market.
The announcement was marked by a visit to the Wylfa nuclear site on Anglesey by Kwasi Kwarteng, Secretary of State for Business, Energy and Industrial Strategy and Greg Hands, Energy Minister.
At Wylfa nuclear power station in Anglesey, Kwasi Kwarteng said: “Our new £120 million 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 bolster the UK’s energy security with cheaper, cleaner, home-grown power, while creating thousands of high-skilled jobs across our country.”
Through the Great British Nuclear body, the government expects to initiate the selection process in 2023 for further UK projects, with the intention that government will enter negotiations with the most credible projects to enable a potential government award of support as soon as possible, including but not limited to the Wylfa site.
Welcoming the news, Welsh Conservative Shadow Minister for the Economy, Paul Davies MS said: “This is excellent news for Wales and an important part of a greener, cleaner future.
“It shows the ambition of the UK Government’s Levelling Up agenda, which has already brought £121 million to Wales through the Levelling Up Fund, £46 million through the Community Renewal Fund and £464,258 from the Community Ownership Fund.
“It us a good example of what can be achieved when the UK and Welsh Governments work together, and I hope to see Labour ministers in Cardiff Bay continue to work constructively with the UK Conservative Government.”