Nuclear Power Plant: Wylfa

The minister has provided a comprehensive update on the government's policy regarding the proposed nuclear power plant at Wylfa. The minister began by acknowledging the importance of nuclear power in the UK's energy mix, stating that it plays a crucial role in the country's efforts to achieve its net-zero emissions target by 2050. The minister then addressed the specific case of the Wylfa project, noting that the government has been in active discussions with the project's developers, Horizon Nuclear Power, to explore potential options for the site. The minister emphasized that the government remains committed to supporting the development of new nuclear power projects, as they are essential in providing reliable, low-carbon electricity to homes and businesses across the country. However, the minister also acknowledged the challenges faced by the Wylfa project, including the withdrawal of Hitachi, the previous developer, in 2019. The minister stated that the government is working closely with Horizon Nuclear Power to find a viable solution that would allow the project to move forward, while also ensuring that it represents value for money for taxpayers. The minister reassured the House that the government is actively exploring various financing models and commercial structures that could make the Wylfa project more financially viable. This includes considering the potential for government support, such as direct investment or loan guarantees, to help de-risk the project and attract private sector investment. In conclusion, the minister reiterated the government's commitment to the development of new nuclear power projects, including the Wylfa site, as part of its broader strategy to decarbonize the UK's energy system and ensure a reliable and secure supply of electricity for the future.