The recent highly anticipated UK coalition government energy bill released the future blueprint for power generation within the UK which in turn outlined viable and sustainable methods that can be implemented for decades to come.
The bill was introduced in an effort to secure a long term and affordable energy supply for UK in years to come. Furthermore, pressures from European legislation also require the UK to reduce its carbon emissions by the year 2020 therefore plans had to be in place to ensure this target is met. To meet such targets the closure of coal-fired power plants across the country is evitable, however this will leave a large gap in the UK’S energy supply and questions arise when one try’s to find an alternative method to “fill the boots” and meet the growing demand of the population.
So how do the UK government propose to keep our lights on whilst reducing the carbon output?
Well the answer is simple but the implementation is vastly complicated. To meet the requirements of the energy demanding population the UK government plan to invest heavily into the development of viable sustainable methods. In fact the UK government has suggested the need for £7.6bn of new investment by leading energy firms before 2020. The money will then be used to fund greener and more “eco-friendly” developments throughout the country.
Nuclear power is just one suggestion and is tipped to play a pivotal role in the future energy mix of the UK. The coalition government has recognised such by granting license for the development of a new nuclear site at Hinkley Point, Somerset. This is the first time in 25 years that the development of new nuclear sites has been given the green light. This is sure to generate further careers in the nuclear sector.
Where will the £7.6bn investment come from?
This is a lot of money for a country staring down the barrel of a triple dip recession, which begs the question where is the capital likely to come from? Well in short the answer is the paying consumer.
The government has granted energy providers the authorisation to charge households around the UK a further £100 per annum to offset the costs of new nuclear power stations and windfarms. Understandably this will come as bad news to businesses and households who are already struggling to pay the bills. However, although this may sound like doom and gloom for the UK homeowners, this short term cost rise is likely to lead to long term benefits by reducing energy costs after 2020.
Cutting the UK’s dependency on imported non-renewable energy will generate a self-sustaining system that will protract steady energy costs for the future and therefore remove the risk of unexpected energy rises.
The UK energy minister Ed Davey stated that benefits will also be passed onto the job market with thousands of jobs likely to be created due to leading energy companies tripling investment into sustainable energy.
About the author: Chris Algar writes on behalf of Careers in Nuclear who offer a range of fantastic opportunities within the energy sector. To view more you click here for more information.