New Nuclear Summit 2023

Faced with the continuing energy crisis, its binding net-zero commitments and the fact that the most of its existing nuclear fleet is due for decommissioning soon, the UK is on the cusp of embracing a major revival in nuclear energy. With Hinkley C already under construction and a commitment by the government to spend £679 million to take a 50% stake in Sizewell C during its development phase, the next big step will be the launch of Great British Nuclear, a new body which will oversee the development of new reactors in the UK and create a pipeline that will enable the industry to plan with certainty for the future.

As part of its well-established portfolio of high-level infrastructure events, which have enjoyed government support, City & Financial Global is delighted to announce the next edition of the Annual EV Infrastructure Summit, which will be held in central London on the 7 June 2023.

The programme will focus on the challenge of scaling up EV infrastructure from electric cars to electric vans, trucks and buses, and the particular challenges involved with providing appropriate and sufficient infrastructure for each category.

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. 

As we recover from the impact of the pandemic, the UK is seeing a real push towards EV adoption, driven by a combination of government initiatives in support of its Net-Zero Target. The UK Environment Bill and the Government’s Transport Decarbonisation plan are key in relation to improving air quality and speeding up the associated decarbonisation of road vehicles. To what extent will they catalyse the transition to EVs and encourage investment in EV infrastructure?

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.

While the COVID-19 crisis may have temporarily put almost everything on hold, the UK government has nonetheless recently reaffirmed its commitment to its infrastructure plans. Two factors play strongly in favour of pushing ahead with these quickly. The first is that borrowing costs are at an all-time low and the second is that infrastructure investment is a proven way of generating economic growth, which makes infrastructure a key component of the government's strategy to restart the economy and emerge from the inevitable recession as quickly as possible.

Against the backdrop of renewed determination at the federal and state level to address the infrastructure crisis in the U.S., City & Financial Global’s P3 Policy and Delivery Leaders Summit, which is being held at the exclusive Cosmos Club in Washington D.C. on May 14th and 15th, will be a key gathering for senior members of the U.S. and international infrastructure community.