| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
https://www.bbc.com/news/business-67924012
EDF Energy has outlined plans to extend the lives of its operational nuclear power stations in the UK.
The French state-owned firm said it would make a decision on whether to extend the lives of four UK plants by the end of the year.
It is also looking at the possibility of running its Sizewell B plant for 20 years longer than scheduled.
The plans are subject to approvals by safety watchdogs and would equal about £1.3bn in investment if approved.
The firm revealed its investment plans for its UK nuclear fleet on Tuesday and said in a statement that it hopes to boost energy security and cut carbon emissions.
In 2022, nuclear power provided 13.9% of total electricity supplied in the UK, although that figure has been in decline since the 1990s, according to official data.
Like fossil fuels, nuclear fuels are non-renewable energy resources.
But nuclear power stations do not produce greenhouse gases like carbon dioxide or methane during their operation, although the construction of new plants is costly and does generate a low level of emissions through the manufacturing of materials needed like steel.
The government has said in the past that it wants nuclear power to provide up to 25% of the UK's electricity needs by 2050.
EDF Energy manages all five nuclear power stations that are currently generating electricity in the UK, along with three that are defueling, the first stage of winding down operations.
On Tuesday, Dr Mark Hartley, managing director of EDF's nuclear operations business, said the firm wanted its advanced gas-cooled reactors (AGRs) at the Torness, Heysham 1 and 2, and Hartlepool plants to "maintain output... for as long as possible".
The company said this would require approval from regulators and would be subject to rigorous safety inspections.
Heysham 1 and Hartlepool had been due to close this March, but EDF announced last year they would be kept open until early 2026.
The Heysham 2 and Torness power stations are currently due to close in 2028.
In its latest update, the firm said it was also looking at the potential for its Sizewell B plant in Suffolk to run for 20 years longer than its scheduled end date of 2035. Sizewell B is built to a different design - a pressurised water reactor, the first of its kind to be constructed in the UK.
EDF said that it hopes to take a final investment decision in 2025, but added that "a sustainable commercial model is necessary".
Overall, its nuclear fleet generated 37.3 terawatt hours of electricity in the UK last year. It marks a drop of about 15% when compared with the year before, partly due to station closures.
It hopes to maintain this level of output until at least 2026. But the older generation of nuclear power stations designed in Britain and constructed in the 1960s and 1970s are all scheduled to close.
"Obviously safety is paramount, but keeping them running for a few more years certainly has advantages," said Prof Rob Gross, director of the UK Energy Research Centre.
"[While the UK] has enough renewables, gas and interconnection to keep the lights on, keeping these reactors running helps keep carbon emissions down."
In the last two years, the UK's energy security has also come under intense scrutiny after Russia's invasion of Ukraine led to a sudden spike in gas prices and in turn a steep increase in electricity bills.
"[Extending the life of nuclear plants] also helps reduce reliance on imported gas, and helps ensure we have a comfortable margin between supply and demand," Prof Gross added, although these older reactors "can't be kept going indefinitely".
Peter Atherton, an independent energy analyst, said the announcement by EDF was "very good news for the power system", which is going through a "huge transition" at the moment towards renewable energies such as wind and solar power.
He also pointed out that while the cost of constructing new nuclear facilities can be enormous, the running costs afterwards are relatively low and they are continuously subject to safety checks once operating.
One expert group that includes some vocal opponents of nuclear power, the International Nuclear Risk Assessment Group, said in a report in 2021 looking at ageing nuclear power plants that extensions inevitably increase the risk of accidents, including the release of radioactive substances into the environment.
But Mr Atherton said: "All stations must continually prove that they are safe to operate on a daily basis and that you are operating it safely. Regulators will be on-site, as well as whole teams who check maintenance programmes."
Helen MacInnes, an energy sector analyst, said that the investment by EDF in the "highly regulated" nuclear power sector should be viewed positively as the UK tries to move away from fossil fuels.
As the government strives to meet its target of reaching "fully clean" electricity by 2035, she said that nuclear power would play an important part.
Other countries have also looked at investing in nuclear in a bid to diversify their energy mix. France, for example, has some new reactors planned.
In the UK, the government has committed to building a new generation of nuclear power stations.
Only one - Hinkley Point C - is currently under construction, having faced severe delays during the pandemic and spiralling costs. It is not expected to open before June 2027.
