EDF: UK economy could rise on nuclear revival

02/07/2012 13:00 Electricity Market

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According to a research commissioned by EDF Energy and performed by the Institute for Public Policy Research (IPPR), the UK investment in new nuclear could lead to an economic growth of more than £ 5 billion a year, in addition to the creation of over 32000 new jobs.

EDF plans to build 4 new nuclear power stations at Hinkley Point in Somerset and Sizewell in Suffolk which will have a total capacity of 6.4 GW, enough to power 10 million homes. The IPPR research says that the production of new nuclear power could reach 18GW by 2025. Meeting the growing demand for electricity and climate change targets will envisage some measures including closing down carbon-intensive electricity generators, such as coal-fired stations, by the next decade. Investments in nuclear power will boost the UK GDP by about 0.34 per cent a year and could lead to additional direct and indirect job gains of more than 22,000 a year. Furthermore, the study says that exports from the energy sector could more than double from an annual average of 700 million pounds to 1.2-1.7 billion pounds in 2030.

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