New Nuclear Plant to Power Six Million British Homes
The move was revealed by the Department for Energy Security and Net Zero as part of its broader spending review, which will lay out priorities for the next four years.
The new plant, named Sizewell C, will be located in Suffolk county, and is predicted to create around 10,000 jobs during construction, according to a government statement. Once operational, it will create enough electricity power roughly 6 million homes.
"We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis," said Energy Minister Ed Miliband. "This is the government's clean energy mission in action, investing in lower bills and good jobs for energy security."
As the Epoch Times notes further, the UK has also been tapping up new investors to fund the construction of Sizewell C, but no new partners were mentioned in the announcement.
Neither the total cost of construction nor a date for expected completion has been announced.
Sizewell C was originally an EDF Energy project but is now majority-owned by the British government, with EDF Energy a minority shareholder.
EDF Energy is the British arm of Électricité de France (EDF), which is wholly owned by the French state.
The UK government's stake was 83.8 percent and EDF's stake was 16.2 percent at the end of December, EDF's financial results showed in February.
Sizewell C would be just the second new nuclear plant built in Britain in more than 20 years, after another EDF project, Hinkley Point C, which was first announced in 2010.
Hinkley Point C, based in Somerset, southwest England, has been beleaguered by delays and budget overruns and is currently expected to come online in 2029.
Sizewell C would be the third power station built on the site after Sizewell A and Sizewell B, both of which are currently in the process of being decommissioned.
The Department for Energy Security and Net Zero also announced that it had picked Rolls-Royce SMR to build Britain's first small modular reactors (SMRs).
About 2.5 billion pounds ($3.4 billion) of government funds will be dedicated to the SMR program over the next four years, in a bid to get one of Europe's first small-scale nuclear industries going.
SMRs are usually around the size of two football fields and composed of parts that can be assembled in a factory, making them quicker and cheaper to build than conventional plants.
The moves by Britain come amid a renewed interest in nuclear power across Europe, sparked by spiraling energy costs due to the ongoing war between Russia and Ukraine, which is hampering the continent's supply of natural gas.
European Commission President Ursula von der Leyen said in a keynote speech in August 2024 that the European Union needed more nuclear power.
By Zerohedge.com
More Top Reads From Oilprice.comRead this article on OilPrice.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
a minute ago
- New York Post
All about ‘yield curves' – and the big move for stocks they're pointing to in 2025
In my 50-plus years of running money, I've noticed that the biggest market moves come from factors that have gone unnoticed – and right now, there's a doozy lurking under the table. Amid all the tariff tumult of the past few months, the global yield curve has been quietly re-steepening. Also note that the previously long-watched US-based yield curve – which investors lately (and wrongly) have been ignoring – has been doing the same. So what's a yield curve, again? It's a graph showing government bond yields from 3-month to 10-year, left to right. When long-term rates top short rates, the curve slopes upward — and is deemed 'steep' and historically bullish. When short-term rates top long, it is 'inverted'— an historically fairly reliable though imperfect recession warning. Advertisement 4 The biggest market moves come from factors that have gone unnoticed – and right now, there's a doozy lurking under the table. AFP via Getty Images Why is that? Like a dashboard indicator, the yield curve usually predicts bank lending trends. Banks use short-term deposits to fund long-term loans — pocketing the spread. Borrow at one rate, lend at a higher rate. Steep curves mean bigger profits, so banks lend eagerly, spurring growth. Meanwhile, inverted curves — when short-term rates top long — shrink loan profitability. Banks lend less. Since economies rely hugely on loans to finance growth — from building inventory to funding expansion — GDP gets squashed. Advertisement For decades, the US yield curve rarely misfired, becoming a lodestar for investors. But like assuming a car's dash is reality, they ignored its 'under the hood' function — the lending. It worked until it didn't. After global stocks' 2022 decline, yield curves inverted globally. Recession fears surged. Investors gnashed. Yet lending grew. US, eurozone and global GDP expanded. Pockets of contraction like Germany arose but were rare. Stocks bulled upward. Investors were befuddled. The curve remained inverted in 2023 and through most of 2024, with stocks rising, GDP growing. Pundits scratched their heads, then got bored, ignoring and deeming it 'broken.' It seems they never asked: Why did it 'break'? 4 Amid all the tariff tumult of the past few months, the global yield curve has been quietly re-steepening. Advertisement Under the hood, banks held tons of ultra-low-rate, COVID-era deposits. In 2020, US bank deposits ballooned 20.8% from the year earlier and another 11.7% in 2021. They stayed elevated through 2022 and 2023, echoing global trends. In other words: Banks didn't need to borrow to lend. They needn't compete for deposits by raising deposit rates. That stash of low-cost deposits kept lending profitable even as the Fed hiked to highs of 5.5% alongside other central banks globally. Now, unseen, yield curves flipped positive, aiding global loan profits. This stems from short-term rate cuts (most heavily overseas – and rising long-term rates (which most wrongly fear, and which are also bullish). Money flows globally between most nations, so I always monitor a GDP-weighted global yield curve. Last July, it was down 0.55 percentage points — inverted. A few months before that it was down nearly a full point. Now? It has flipped to positive 0.50 points — a quiet, nearly 1.5-point lending boost in slightly over a year. It is both bullish and explains recent trends. Advertisement 4 A GDP-weighted global yield curve can explain recent trends. AP America's curve improved but remains basically flat – down 0.07 points. But Britain flipped from down 0.99 points a year ago to positive 0.35 points now. Continental Europe's shifted more — from down 0.47 to up 1.03! Stocks show it matters: Regionally the MSCI Europe clocked early new highs and sits up 22% year to date. The non-US trounces America this year. Steeper curves favor value stocks (like the eurozone and UK's) over growth stocks (which dominate the US). Eurozone and UK Financials—up 52% and 33%, respectively—quietly lead in 2025, trouncing US Tech's 10%. Why? A bank profit turbocharge! Europe's value-heavy Industrials lead, too. They need lending to finance growth. 4 America's curve improved but remains basically flat – down 0.07 points. That most observers still ignore the curve is vital. It means stocks haven't yet fully priced in this growing, bullish power. Expect it to help drive stocks higher here and to continue doing the same throughout Europe, the UK and most emerging markets. Ken Fisher is the founder and executive chairman of Fisher Investments, a four-time New York Times bestselling author, and regular columnist in 21 countries globally.
Associated Press
2 minutes ago
- Associated Press
DIVIDEND ALERT: US$0.836 CASH DIVIDEND TO BE DISTRIBUTED ON JULY 25 TO ChipMOS ADS HOLDERS PRE-WITHHOLDING TAX AND FEES
HSINCHU, July 21, 2025 /PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES INC. ('ChipMOS' or the 'Company') (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ('OSAT'), announced an US$0.836 cash dividend per ADS (or approximately US$0.640 per ADS after Taiwan's withholding tax and Citibank, N.A.'s depositary fees) will be distributed on July 25, 2025. ADS holders are encouraged to check with their securities brokers for receipt of dividend payments. Any questions should be directed to Citibank, N.A.'s Tiffany Ma (Tel: +1-973-461-5734 or [email protected] ). About ChipMOS TECHNOLOGIES INC.: ChipMOS TECHNOLOGIES INC. ('ChipMOS' or the 'Company') (Taiwan Stock Exchange: 8150 and Nasdaq: IMOS) ( ) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide. Forward-Looking Statements This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as 'believes,' 'expects,' 'anticipates,' 'projects,' 'intends,' 'should,' 'seeks,' 'estimates,' 'future' or similar expressions or by discussion of, among other things, strategies, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding tariffs and the imposition of potential new tariffs that affect our products or operations, government policies, global trade environments, pricing, plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors. Further information regarding these risks, uncertainties and other factors are included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the 'SEC') and in the Company's other filings with the SEC. View original content: SOURCE ChipMOS TECHNOLOGIES INC.
Associated Press
2 minutes ago
- Associated Press
LexinFintech Holdings Ltd. Announces US$50 million Share Repurchase Program and Management Purchase
SHENZHEN, China, July 21, 2025 (GLOBE NEWSWIRE) -- LexinFintech Holdings Ltd. ('Lexin' or the 'Company') (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced that its board of directors has authorized a share repurchase program under which the Company may purchase up to US$50 million of its shares over the next twelve months (the 'Share Repurchase Program'). The Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of the repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Company's board of directors will review the Share Repurchase Program periodically, and may authorize adjustments of its terms and size or suspend or discontinue the program. In addition, Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, has informed the Company that he planned to use his personal funds to purchase the Company's American depository shares (the 'ADSs'). Mr. Xiao intends to purchase up to US$10 million worth of the ADSs within the next twelve months, pursuant and subject to applicable laws and the Company's securities trading policy. Mr. Xiao makes his own independent decision on the share purchase and its terms. The share purchases by Mr. Xiao may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. 'The Share Repurchase Program demonstrates our confidence in Lexin's business fundamentals and growth opportunities,' said Mr. Xiao. 'We believe this is an attractive way of deploying our capital and returning value to shareholders, and we will continue to evaluate additional opportunities to enhance shareholder returns.' About LexinFintech Holdings Ltd. We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation. For more information, please visit To follow us on Twitter, please go to: Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC'), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin's goal and strategies; Lexin's expansion plans; Lexin's future business development, financial condition and results of operations; Lexin's expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin's expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: LexinFintech Holdings Ltd. IR inquiries: Will Tan Tel: +86 (755) 3637-8888 ext. 6258 E-mail: [email protected] Media inquiries: Ruifeng Xu Tel: +86 (755) 3637-8888 ext. 6993 E-mail: [email protected] SOURCE LexinFintech Holdings Ltd.
