Jonathan Dart, Consul General, British Consulate-General Toronto, will speak about the decisions and financing leading to the announcement of the Hinkley Point C nuclear power station in Somerset. This will be the first new UK nuclear generating station in a generation. When built it will provide 7 per cent of the country’s electricity. The agreement between UK government and French utility EDF guarantees a “strike price” of £92.50 per megawatt hour – roughly double the current wholesale price of power – for electricity produced at the £16 bn plant over a period of 35 years.
Financing nuclear energy projects has become increasingly complex in recent years. The potential for projects going over budget and difficulty in quantifying project risk contribute to financing complexity and cost. The large capital requirements in nuclear energy projects have typically required that national governments become involved in order to guarantee payments or backstop projects. In many jurisdictions the high level of complexity has made nuclear projects prohibitively expensive. Coupled with negative public sentiment towards nuclear energy there has been a decline in nuclear power useage in several Western economies. Concurrently, there are numerous countries such as China and India, that are ramping up their nuclear energy capabilities. In the United Kingdom, after years of decline in nuclear energy the government has decided to proceed with building a new reactor. What were the drivers behind this decision? How will the project be financed? What changed in the eyes of policy makers that they decided to proceed with new nuclear? Is there an opportunity for Canadian funds and investment bankers to participate in the large nuclear projects that will be deployed globally?
Future of Nuclear Seminar Series
The Future of Nuclear Advisory Board has organized a series of six seminars to be held through 2014 to discuss important nuclear energy issues. The dates for the 2014 seminars are January 2, March 4, May 8, June 24, September 23 and November 4. Topics and speakers for each session will be announced on the Future of Nuclear website, the Future of Nuclear Conference Facebook page, the “FutureofNuclear” twitter feed and via our direct newsletter which you may register for by clicking here. Seminars are conducted during lunch in meeting rooms at Torys, 79 Wellington St. W, 33rd Floor, Toronto, ON.
The Future of Nuclear Series is funded by the registration fees of participants, revenues from resultant reports and the support of sponsors. Supporters to date include Babcock and Wilcox, Canadian Nuclear Safety Commission, McMaster University, Ontario Power Generation, Power Workers’ Union, Torys, University of Toronto, Westinghouse. The Seminar Series is organized by Mindfirst Inc. under the direction of Future of Nuclear Advisory Board chaired by Henry Vehovec, Adjunct Professor, University of Toronto, Innovations in Technologies and Organizations in Global Energy Systems. Seminars are conducted under Chatham House Rule format.
11:30 – 12:00 Registration and Networking
12:00 – 12:45 Welcome & Presentation during lunch
12:45 – 1:30 Discussion, Q&A, Official Closing
1:30 – 2:00 Networking & Informal Discussion