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BBC News
17-07-2025
- Business
- BBC News
Huge dome lifted onto Hinkley C nuclear reactor
A 245-tonne dome has been lifted onto a reactor building at the first nuclear plant to be built in Britain for 30 Energy said twin nuclear reactors at Hinkley Point C in Somerset would provide zero-carbon electricity for more than six million homes in Britain when the site second dome was installed earlier using a "build and repeat" method, using off-site prefabrication and experience from installing the first dome on the first site is projected to open in 2031, according to EDF, which is five years later than originally planned. Work on Hinkley Point C's second reactor building was stopped during the pandemic but EDF said teams were using time-saving methods to catch up. 18 months after the process was finished on the first oneAnd the company said construction on the second unit used 30% fewer people to achieve 40% more work compared to the first unit. Stuart Crooks, CEO of Hinkley Point C, said: "Restarting the industry has been hard, but the second of our two identical units shows the big benefits of repeating an identical design. "The build and repeat method is the best way to build new nuclear with time savings already at 20-30%."
Scottish Sun
23-06-2025
- Business
- Scottish Sun
How Labour ‘will reform unfair' SNP income tax ‘punishing' Scots on £30k salary
Mr Sarwar has promised to tackle the tax system if his party triumph at next May's Holyrood election Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) ANAS Sarwar yesterday pledged to overhaul Scotland's 'unfair' income tax system if he wins power — accusing Nats of 'penalising' strivers for earning more. The Scottish Labour leader vowed to rip up the current six-band regime and freeze rates should he be elected First Minister in May next year. Sign up for the Politics newsletter Sign up 5 Scottish Labour leader Anas Sarwar vowed to reform the tax system during a visit to the EDF Energy's Torness power station in Dunbar, East Lothian 5 Mr Sarwar says the 'unfair' system needs to change and is buoyed by victory in the recent Hamilton, Larkhall and Stonehouse by-election 5 Scottish workers on a £30,000 salary pay more than £3,500 more income tax than those in England He widened his party's message on an income tax shake-up on a visit to a nuclear plant in East Lothian. The aspiring Holyrood chief told The Scottish Sun: 'As First Minister, I would commit not to raise income tax during the next parliamentary term. And when we can, we'll look to cut it.' But he failed to confirm if taxes would be slashed within the next five-year parliamentary term — insisting Labour would first work to 'get the economy motoring' and wages rising. Mr Sarwar added: 'We won't know the scale of the SNP economic incompetence until we get into the books.' He also promised to lift Nats' block on new nuclear reactors while touring EDF Energy's Torness power station near Dunbar. 5 5 And he pointed out how staff there face digging deeper than counterparts across the border 20 miles away due to Nats' six-band income tax system. Scots earning more than £30,318 are clobbered for more income tax than employees in England and Wales. Those here on £45,000 a year are £428 worse off annually, while grafters paid at least £50,000 are hit for £1,528 more. People on under £30,318 enjoy maximum savings of just £28 a year. And Mr Sarwar highlighted how 'nurses, police, and those working in our energy industry' were among those 'penalised' as they are classed as higher-rate taxpayers by earning more than £43,000. Anas Sarwar reacts to Labour's shock win and reveals why voters backed the party The Labour leader said: 'Many of the people who are paying higher tax are not those with the broadest shoulders. 'They are struggling with the cost of living crisis and are paying a higher level of tax in Scotland. People feel they pay more and more in Scotland and they get less and less.' He bemoaned how earnings growth has lagged behind the UK's, while £1.6billion extra raked in through taxes only translates to £600million extra for vital public services due to how Holyrood's funding is calculated. Mr Sarwar said: 'The system isn't working. It's holding Scotland back and hitting people who want to get on. "That needs to change. 'My first focus will be on growing our economy, not punishing aspiration. "I'm looking hard at the system — top to bottom — because it's clear it's failing. 'It's not rewarding effort, it's not driving growth and it's not fair.' He added: 'We need a tax system that supports working people, not one that penalises them for earning a bit more or trying to do better. 'We need a system that works for Scotland — one that encourages ambition and supports success, not one that puts up barriers.'
UPI
20-06-2025
- Business
- UPI
U.S. company to provide $6 billion loan for British nuclear power project
Protesters hold banners outside Hinkley Point power station in Somerset, United Kingdom, in 2011 against EDF Energy's plans to renew the site with two new reactors. The project began in 2017 and has had delays and funding problems File Photo by Ben Birchuk/EPA June 20 (UPI) -- Apollo, a U.S. asset management group, plans to provide a $6 billion loan to the British nuclear project Hinkley Point C being built by a French multinational electric utility company. Hinkley's estimated cost has soared from $23.7 billion to almost $60.6 billion and won't be operational until at least 2029, Baha Breaking News reported. Construction began in 2017. Apollo will provide an investment-grade debt financing package at an interest rate below 7% for the project developer, Electricite de France, sources told CNBC and the Financial Times. Apollo, which was founded in 1990 by Leonard Black, Josh Harris and Marc Rowan, manages capital for institutional and individual investors. Apollo, headquartered in New York City, had revenue of $26.11 billion in 2024 with a net income of $6.373 billion. The loan has a maximum maturity of 12 years. EDF is building two new nuclear reactors at the site in Somerset and will be able to borrow $2 billion each of the three years as part of the package. The company has had a shortfall since China General Nuclear Power Group, which was supposed to provide a third of the cost of the project, stopped providing further financing in 2023. CGN was removed by the British government from another project -- Sizewell C -- because of concerns about Chinese influence. The funding could be used for other British projects by EDF. Jamshid Ehsani, head of global principal structured finance at Apollo, described the deal as the "largest ever" sterling private credit deal. "It's going to help finance a critical, low-carbon nuclear project. This is the business Apollo is in today," he said. "Europe is a huge focus for us."
Yahoo
11-06-2025
- Business
- Yahoo
New Nuclear Plant to Power Six Million British Homes
Weeks after Germany decided to reverse course and 're-embrace' nuclear power following their supreme idiocy on the matter, the UK government announced on Tuesday that it would invest 14.2 billion pounds (US$19.3 billion) to build a new nuclear plant in the southeast of England. 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 More Top Reads From this article on
Yahoo
09-03-2025
- Business
- Yahoo
Martin Lewis' MSE message to British Gas, Octopus, Eon, EDF and OVO customers and says 'no risk'
UK households are being alerted to a chance to avoid energy bill increases next month. Typical charges will rise by £111 a year from April in the latest blow to hard-up Brits. But households can still take action before the start of April to keep their bills down. Martin Lewis' Money Saving Expert is highlighting an offer from EDF Energy which is below the new Price Cap rate and, crucially, has no exit fees. READ MORE: Nationwide says 'do three things before March 31' to get £175 bonus payment Get our best money saving tips and hacks by signing up to our newsletter They say customers with some of the biggest energy suppliers like British Gas and Octopus may want to consider switching. The lack of any exit fees could be a big draw as it provides peace of mind people can get out of the fixed contract if prices fall later down the line. MSE said: "Energy Price Cap to rise 6.4% in April, but what next? The no-risk fix. "The Energy Price Cap, which two-thirds of homes in England, Scotland and Wales are on, moves every 3 months - and we know it'll rise 6.4% in April. "As the current cheapest fixes are 7% below today's Price Cap, they're massively cheaper than April's price, so use our cheapest fixes comparison to find your cheapest and ditch the Price Cap. "What happens for the July cap and beyond? Analysts' current predictions are the cap will remain materially higher for the next 12 months. "Yet if there's peace in Ukraine, prices could plummet. "Some have said they're not fixing due to this - if so, consider the no-risk fix: You're always free to ditch a fix, though you sometimes need to pay early exit fees of £25 to £75 per fuel. "Yet this cheap EDF no exit fee 'Simply Fixed Direct' tariff is 4.8% below the current Cap (10.5% below April's), and if prices do fall, you can leave penalty-free whenever."
