The government today unveiled its latest plans for
updating the UK's energy system in its new national infrastructure
plan. The 145-page
document outlines plans for over £375 billion worth of new
railways, roads, waste disposal units, and power plants. The
brightest of the promised new energy jewels is a
new nuclear plant to be built in Anglesey, Wales.
Chief Secretary to the Treasury Danny Alexander announced the
plans with glee, saying the plan showed that "Underground,
overground, on shore, offshore, wired or wireless, tarmac or train
track. You name it, we're building it right now."
But - without wishing to undermine Mr Alexander's
impressive Womble impression
- today's announcement is just the start of a very long process,
with many hurdles to hop, before the plans come to fruition.
New nuclear on the Horizon
Today's news that the government signed a 'memorandum of
understanding' with Japanese technology company, Hitachi, and
UK-based developer, Horizon, to build a
new nuclear plant grabbed most of the headlines. But
today's agreement is just the first step on a very long path to get
new nuclear power flowing out of northwest Wales.
The government has today agreed "in principle" to underwrite the
loans needed to get the nuclear plant built. It hopes the news will
bring down the costs of borrowing for Hitachi and Horizon, lowering
the overall cost of building the plant.