Plans to build Moorside nuclear power plant in West Cumbria (UK) 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 joint venture between Toshiba (60%) and GDF SUEZ (40%), will work together to agree support through the UK Guarantee scheme which encourages quicker investment to get the project started. Westinghouse Electric Company is the technology provider for the project.
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. The project, which will consist of three Westinghouse AP1000 pressurised water reactors (PWR) of 1,154 MWe nameplate capacity each, will be the UK's biggest nuclear power station. The Moorside reactors will be fuelled by Westinghouse UK's fuel fabrication facility in Preston.
The total project investment is estimated at £10 billion (US$15.66 billion). This project represents the biggest ever private investment in West Cumbria.
The power project will account for approximately 7% of the UK's future electricity requirements. The new nuclear power plant 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.
The sites earmarked for the development of nuclear power projects by 2030 are the following: Moorside, Wylfa, Sizewell, Oldbury and Hinkley Point.