The UK are looking to extend the life of a nuclear power plant by 20 years.

Sizewell B in Suffolk was due to be decommissioned in 2035, but this is looking set to be extended.

But why, and what has prompted this move?

Sizewell B

The UK government is exploring a 20-year extension on the lifespan of Sizewell B nuclear power plant, located on England’s East coast. The new decommission date would be set for 2055. This move comes as Boris Johnson seeks to bolster domestic energy supplies following Russia’s invasion of Ukraine.

This invasion has sent energy prices spiralling, being felt all across Europe. It is possible to read what sanctions have been placed and the effects here.

This extension is just one of several options currently under consideration under a new ‘Energy Supply Strategy’ which is set to be published next week against the backdrop of incredibly volatile international gas prices and rapidly rising costs-of-living. Fortunately, the new approach in response to Russia’s aggression will see Britain’s carbon targets left untouched (which includes the goal of reaching net zero by 2050). It also involves increasing the targets for various renewable energy sources.

Additionally, a move to improve security of supply of hydrocarbons by increasing North Sea oil and gas production and potentially leaving several of Britain’s few relict coal-fired power plants open slightly longer than expected will offset reliance on imports. Boris Johnson has held meetings with executives in the oil and gas industry on Monday morning where he made a plea to increase production.

The United Kingdom is set to experience quite a significant loss in nuclear capacity by the end of the decade as Centrica and EDF have been forced to close several installations much earlier than planned. The 1.2 gigawatt power plant, Sizewell B, opened in 1995 and can alone meet around 3% of the UK’s electricity demand. It is the only one of Britain’s six remaining atomic power plants that will remain beyond the end of the decade, with only one new station currently under construction (3.2GW Hinkley Point C in Somerset).

It should also be said that ministers are encouraging investors to build a new plant on a site adjacent to Sizewell B.

Customer Billing – Will I Be Affected?  

As already mentioned, energy costs are spiralling out of control – and the price rises are affecting all of us. For UK energy customers it is difficult to say how your bills will be affected due to the serious volatility in the energy markets. It is important to remember that energy prices as a whole are rising, and this will be passed onto consumers through energy bills, making it something to keep a close eye on.   

Different suppliers will feel the pinch in different ways so it is crucial to be aware of the current situation your energy supplier finds themselves in. It is possible to view up to date supplier profiles with any recent changes for all of the energy suppliers in the UK, here.  

At a time where bills look set to rise due to market volatility, it is also a good idea to ensure that you are not being overcharged for any of your utilities. It can be a tricky task to navigate but there are free online tools to remove the hassle available.

You can find a free online Gas Bill Calculator to see if you are being overcharged, here.  

You can find a free online Electricity Bill Calculator to see if you are being overcharged, here.  

Energy Solutions by Us, for You   

At a time of great uncertainty in global energy markets, it is easy to feel lost in it all.   

Keeping up to date with developing situations and the associated ramifications is a tricky and time-consuming job. It is also one that is not likely a priority for you and your business. 

So, what do you do?  

You partner with energy procurement experts to take the load off of your desk.  

Energy Solutions have been trusted brokers for countless businesses for over twenty years, which means we know how to navigate the energy markets during a time of uncertainty.  

Website: https://www.energybrokers.co.uk/ 

Email: nick@energybrokers.co.uk 

Call Us: 0131 610 1688 

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