The United Kingdom government has committed $15 billion in financial guarantees for the nation's nuclear power industry, The Guardian reported. The money will go toward building the country's first nuclear reactor in 20 years.
French nuclear generator Electricite de France is currently in negotiations with the UK government to build the Hinkley Point nuclear power station. EDF already prepared the site next to the two existing stations, according to the source. The financing come as a response to the United Kingdom's growing energy demands and the likelihood it could suffer major power outages when power plants begin to close. The Guardian said in 2015 the UK can expect a power shortage once every 12 years, compared to once every 47 years now. All of Britain's nuclear power plants except one are scheduled to close in the next 10 years.
According to Bloomberg, a nuclear power plant hasn't been constructed in Britain since 1995. EDF and the United Kingdom are currently discussing the price Britain will pay for nuclear power. EDF wants about $145 per megawatt-hour and said it will only sign a contract that is fair and affordable.