The current crisis in the Ukraine has highlighted the west’s dependence on Russian oil and gas, and the importance of energy security for all European countries. New nuclear is featured prominently in the new energy security strategies of the UK and beyond. The prime minister wants nuclear to generate 25% of the UK’s electricity needs in the future, in comparison to 16% currently. Hinkley C is under construction, the government will take a 20% stake in the Sizewell C nuclear plant, Sizewell B’s operating life is likely to be extended for another 20 years, a new nuclear plant at Wylfa is back on the agenda and there are plans for up to 16 small modular reactors to be built around the UK. 

UK Sustainable Infrastructure Policy & Investment Online Summit 2021

To replace the financing  gap left by the EIB no longer being able to invest in UK infrastructure  projects, the government launched the UK infrastructure Bank on 17 June.  Unlike the EIB, the new infrastructure bank has been designed  specifically to ‘crowd in’ private sector investment, which the market  has welcomed. The confirmation that £15bn of green gilts will be issued  this year, the proceeds of which will be used for energy transition  projects, should also be useful in providing new funds for the  realisation of the government’s national infrastructure strategy.

The Chancellor recently announced £640 billion of gross capital investment for roads, railways, communications, schools, hospitals, housing and power networks across the UK by 2024-25. This includes the largest ever investment in English strategic roads, with over £27 billion between 2020 and 2025, as well as a £10.9 billion increase in housing investment to support the commitment to build at least one million new homes by the end of the Parliament. A detailed breakdown of the £640 billion commitment will be provided in the National Infrastructure Strategy.

City & Financial Global's 'The UK Energy White Paper: Implications for Energy Generation', a Virtual Summit taking place on the 2-3 February, will provide a detailed analysis of the impact of the ten-point plan and the White Paper’s proposals for the energy industry, its supply chain and the investment community.

The Prime Minister recently laid out a ten-point plan for a 'Green Industrial Revolution' including a vision for UK energy, particularly offshore wind, hydrogen, nuclear and EV. The ten-point plan was a precursor to the Energy White Paper, which sets out the government's strategy for meeting two key objectives: achieving its target of reaching its net-zero carbon target by 2050 and making the UK a global leader in clean energy, as part of its 'build back greener' industrial strategy.