A major effort to develop and deploy clean energy technologies worldwide is urgently needed to meet international energy and climate goals, particularly in order to reduce carbon emissions from areas beyond the power sector such as transport, buildings and industry, according to a new International Energy Agency report released today. Meanwhile, the Paris-based agency's chief economist, Laszlo Varro, told participants in World Nuclear Association’s Strategic eForum 2020 yesterday that nuclear power "makes the energy transition more cost-effective and more energy secure".

The UK's Nuclear Industry Association unveiled today a new report that sets out the key factors to reduce risk and bring down the cost of new nuclear power plant projects by 30% by 2030. The report was produced by a "cross-industry team", working as part of the government-backed Nuclear Sector Deal.

Horizon Nuclear Power has been holding "detailed conversations" with the UK government in recent weeks to persuade ministers that the proposed Wylfa Newydd plant on Anglesey could be quickly re-mobilised if they can produce a new financing model for large nuclear power plants in Britain, according to an article in the Financial Times on 16 August. A decision on Wylfa’s planning application is expected by the end of next month.

Romania has launched a tender for a new feasibility study to complete units 3 and 4 of the Cernavoda nuclear power plant for which it is prepared to pay up to RON1 million (USD245,000). There is also the option of a single unit being put up for auction, according to a report by Economica.Net.

Replication is the key to reducing the cost of nuclear new-build projects and attracting investment in firm, low-carbon power and heat, Julia Pyke, director of Sizewell C financing & economic regulation at EDF Energy, said last week. The following is an abridged version of her presentation to participants in an OECD-Nuclear Energy Agency webinar on the Paris-based agency’s newly published Policy Brief, Unlocking financing for nuclear energy infrastructure in the COVID-19 economic recovery.

It is understandable that the nuclear power industry feels it has been left "in limbo" by the European Commission's taxonomy on sustainable finance, even though its low-carbon credentials are clear, an adviser to the Technical Expert Group that developed the guidance said last week. Sean Kidney, CEO of the Climate Bonds Initiative, participated in the 28 July webinar-based discussion of a newly published Policy Brief by the OECD-Nuclear Energy Agency, Unlocking financing for nuclear energy infrastructure in the COVID-19 economic recovery.

The sheer size of nuclear projects might be a barrier in some markets where private investors are looking for short‑term paybacks. However, during a period of economic recovery, large‑scale and long‑term energy infrastructure projects, such as nuclear power plants, can galvanise the social cohesion and economic spill‑overs required to re-launch general economic activity.

Only governments can properly value the benefits of nuclear power and their support is therefore necessary to secure financing for new-build projects, George Borovas, partner and head of nuclear at law firm Shearman & Sterling, said today. Borovas was speaking during an OECD-Nuclear Energy Agency webinar on its newly published Policy Brief, Unlocking financing for nuclear energy infrastructure in the COVID-19 economic recovery.

The USA has lifted its legacy prohibition on funding nuclear energy projects overseas. The US International Development Finance Corporation changed its Environmental and Social Policy and Procedures following a 30-day public consultation period.

In these challenging and increasingly nationalistic times, it is important that leading international organisations seek to overcome institutional barriers and work together to deliver change, Agneta Rising, World Nuclear Association director general, said today. Rising was speaking during an OECD-Nuclear Energy Agency webinar on its newly published Policy Brief, Creating high-value jobs in the post-COVID-19 recovery with nuclear power projects. Publication of the report coincided with World Nuclear Association’s latest technical position paper, Employment in the nuclear and wind electricity generating sectors.

As the UK government dithers on how to approach its Net Zero emissions by 2050 target, Hugo Lidbetter, a partner in energy and natural resources at law firm Fieldfisher, considers the role of nuclear in achieving the country's low-carbon future.

"The Moorside and Wylfa Newydd projects, each of which received hundreds of millions of pounds of private sector development costs, were respectively abandoned and put on hold due to lack of government support. Aside from recognising the role nuclear has to play in a Net Zero energy mix, the most obvious gap is a decision on a new build funding model."

EDF must ensure the financing and profitability of its proposed EPR2 reactor before starting construction of any plants based on the design in France, the country's state audit office has said. The EPR2 is a simplified version of the EPR design, construction of which has been hit by delays and cost increases in France and Finland.