The National Employment Savings Trust (Nest), responsible for managing over £27 billion in assets, has delivered a blow to the government’s ambition of expanding the country’s nuclear power output.
In a bid to meet its ambitious goal of 24GW of new nuclear capacity by 2050, the UK Government has identified large-scale plants such as Sizewell C, located in coastal Suffolk, as a key component of its strategy.
Alongside these, the government also plans to integrate smaller modular reactors into the energy mix.
Once operational, Sizewell C is projected to contribute up to 7% of the nation’s power requirements.
A Nest spokesperson told ELN: “Nuclear energy is within our investable universe but there are no current plans for investing directly into nuclear infrastructure.”
A Department for Energy Security spokesperson told ELN: “New nuclear is key to our long-term energy security – that’s why the government made a historic £700 million investment to help develop Sizewell C and become a project shareholder.
“We are working closely with the project company to attract new finance.
“We know many investors are prepared to support infrastructure delivering energy security and net zero, including new nuclear power, and we are confident that investors will take assurance from the government’s clear commitment to the nuclear sector.”