Plans to build Moorside nuclear power plant in West Cumbria have moved one step forward following an agreement by HM Treasury to provide financial security for private investors in the project.
Government and NuGeneration Limited (a UK nuclear company owned by Toshiba-Westinghouse and GDF SUEZ) will work together to agree support through the UK Guarantee scheme which encourages quicker investment to get the project started.
When fully operational, the planned Moorside reactors will have a combined capacity of 3.4 GW which is enough to power up to six million homes. It will create 21,000 jobs and is expected to come online in 2024.
Moorside joins Hinkley Point C as part of the Government’s wider nuclear programme with plans for up to 13 new reactors on 5 different sites, supporting low carbon and energy security objectives at a time when existing power plants are retiring and low-carbon generation is required to meet national and international commitments.
More information on the UK’s wider nuclear programme can be found on GOV.UK