UK hung parliament a threat to new nukes
LONDON, ENGLAND - Multi-billion pound investment in Britain's energy sector, particularly in nuclear plants, could be under threat in the event of a hung parliament, an executive from a utility planning to build them said recently.
Opinion polls suggest no political party may win an overall majority in the British elections, which are just weeks away, making the investment climate too risky for developers to push ahead with their plans.
"It could possibly make some investment inconceivable, for instance nuclear," RWE npower designate chief executive, Volker Beckers, told reporters on the sidelines of the Future of Utilities conference in London.
He said although the opposition Conservative Party supported the ruling Labour government's push to replace Britain's aging nuclear fleet with new reactors, it was unclear what stance a new government, that might include the Liberal Democrat Party, would take on nuclear power.
The Lib Dems oppose plans to build more nuclear power stations, which they say "will soak up subsidy, centralize energy production and hinder development of Britain's vast renewable resources."
Through its Horizon Nuclear Power joint venture with rival German utility E.ON, RWE plans build up to 6,000 megawatts of new nuclear capacity by 2025 at Wylfa in Wales and Oldbury in southern England.
Energy regulator Ofgem said last month Britain urgently needs to reform its power sector to ensure secure and sustainable energy supplies, warning that the closure of aging power stations demanded swift and far-reaching energy market reforms to meet tough environmental targets and keep the lights on.
Related News

The CIB and private sector partners to invest $1.7 billion in Lake Erie Connector
TORONTO - The Canada Infrastructure Bank (CIB) and ITC Investment Holdings (ITC) have signed an agreement in principle to invest $1.7 billion in the Lake Erie Connector project.
Under the terms of the agreement, the CIB will invest up to $655 million or up to 40% of the project cost. ITC, a subsidiary of Fortis Inc., and private sector lenders will invest up to $1.05 billion, the balance of the project's capital cost.
The CIB and ITC Investment Holdings signed an agreement in principle to invest $1.7B in the Lake Erie Connector project.
The Lake Erie Connector is a proposed 117 kilometre underwater…