According to the Department of Energy and Climate Change certain communities that are situated near eight nuclear power station sites in England and Wales could be awarded benefits worth up to £1,000/MW over 40 years when the power stations start to operate.
These proposals could be worth up to £128 million to the designated area surrounding the proposed twin reactor at Hinkley Point in Somerset.
April 1st this year saw the government introduce its business retention scheme that allows local governments to keep 50% of the business rates it collects. Ministers have stated that the local authorities accommodating these new nuclear power stations will benefit up to the first 10 years of operation from a share of the increased rates in business revenues. Due to the scale of these nuclear power stations, the local communities will also receive further funding from the government for an additional 30 years.
The introduction of these power stations arose as Michael Fallon the Business and Energy Minister stated that “new nuclear will have a central role to play in our energy strategy, providing heat and light to homes across the country.”
The use of the funds provided will be bespoke to the specific localities and managed locally to benefit in the long run and to ensure economic and social development.
The nuclear build could generate up to 40,000 jobs in the sector with a global forecast of £930 billion investment over the next two decades and a £250 billion in withdrawing those that are coming off line.