The UK’s nuclear ambitions have been dealt a blow after German utilities E.ON and RWE announced they had pulled out of a $23 billion plan to build new nuclear power stations in Britain, saying it not possible to obtain finance for the projects. The plants in te Horizon project were expected to provide 6GW of capacity and were a key part of the country’s future energy plans.
However, RWE said raising finance was too difficult. “The global economic crisis has meant that capital for major projects is at a premium and nuclear power projects are particularly large scale, with very long lead times and payback periods,” it said. The situation had been compounded by Germany’s decision to axe nuclear power following Japan’s Fukushima disaster last year. A nuclear plant proposed for the Czech Republic is also facing financing difficulties.
UK Energy minister Charles Hendry said the withdrawal of E.ON and RWE was disappointing but it would not affect Britain’s overall nuclear energy plans, which now rest in the hands of French government controlled companies EDF and Areva. “The UK’s new nuclear programme is far more than one consortia and there remains considerable interest,” he said in a statement. EDF is partnering with Centrica to build a nuclear plant in Somerset, but analysts have questioned Centrica’s ability to finance its share of the project.
Sydney LED lights up
The City of Sydney has committed to spending $7 million to roll out LED lights across the city, claiming to be the first in Australia to do so. City of Sydney has awarded a tender to GE and UGL for the lights to be installed after a successful 18 month trial. The first lights will be installed on George Street. Mayor Clover Mayor said the program will save nearly $800,000 a year in electricity bills and maintenance costs. Public lighting accounts for a third of the City of Sydney’s annual electricity use and 30 per cent of its greenhouse gas emissions.
LED lights are made of a material, called a semi-conductor which emits light when an electric current passes through it. They don’t have a filament, like traditional light bulbs, and so do not get hot, require far less electricity and last much longer. Nathan Dunn, the managing director of GE Lighting Australia, said LED technology will transform the lighting industry, saving up to 75 per cent of energy compared to incandescent light sources, while lasting up to 25 times longer. “This will have a profound impact on how we think about lighting in the future,” he said.
