Government commits to 24GW of new nuclear by 2050

A new government body will be set up immediately to help deliver 24GW of nuclear capacity by 2050 as part of the prime minister’s strategy for energy security in Great Britain.

Boris Johnson’s plan, which seeks to limit the country’s exposure to rising prices and volatility on international energy markets following Russia’s invasion of Ukraine, also includes updated 2030 targets for both offshore wind and hydrogen production.

The offshore wind target has been increased by 10GW to 50GW, including 5GW of floating wind generation in deeper waters. The Department for Business, Energy and Industrial Strategy (BEIS) said this will be underpinned by planning reforms to cut the approval time for new offshore wind farms from four years to one.

Meanwhile, the hydrogen production target has been doubled to 10GW, at least half of which will be green hydrogen produced by electrolysing water using renewable power.

As well as establishing a new government body, named Great British Nuclear, BEIS said the 24GW nuclear target will be supported with the launch of a £120 million Future Nuclear Enabling Fund later this month, which will seek to progress a series of up to eight new plants, including one at the Wylfa site in Anglesey.

Other commitments in the British Energy Security Strategy include:

• Running a £30 million Heat Pump Investment Accelerator Competition in 2022 to increase the manufacturing of heat pumps in the UK
• Consulting on developing partnerships with a limited number of communities to host onshore wind farms in return for guaranteed lower energy bills
• Consulting on the rules for solar projects, in particular those domestic and commercial rooftops
• Launching a licencing round for North Sea oil and gas projects in autumn and creating a new taskforce to support developments

“We’re setting out bold plans to scale up and accelerate affordable, clean and secure energy made in Britain, for Britain – from new nuclear to offshore wind – in the decade ahead,” said Johnson.

“This will reduce our dependence on power sources exposed to volatile international prices we cannot control, so we can enjoy greater energy self-sufficiency with cheaper bills.”

Business and energy secretary Kwasi Kwarteng said: “We have seen record high gas prices around the world. We need to protect ourselves from price spikes in the future by accelerating our move towards cleaner, cheaper, home-grown energy.

“The simple truth is that the more cheap, clean power we generate within our borders, the less exposed we will be to eye watering fossil fuel prices set by global markets we can’t control.

“Scaling up cheap renewables and new nuclear, while maximising North Sea production, is the best and only way to ensure our energy independence over the coming years.”