The government is investing roughly £375 million in new energy technologies for business and domestic supply.
The new package announced on Friday includes:
- a £240 million Net Zero Hydrogen Fund in support of low-carbon hydrogen production
- £2.5 million to develop advanced modular reactors (AMRs) in the nuclear sector –
supported by an £830,000 investment in commercialising the technology - and £5 million for research into carbon capture and storage technology (CCS).
Also included is the new Hydrogen Business Model, which will add a further £100 million for electrolytic projects to cover the difference between the strike and reference (sale) prices of hydrogen.
Meanwhile, the Industrial Hydrogen Accelerator is an additional £26 million investment programme to support British industry in adopting hydrogen as a clean, affordable fuel source in Manufacturing and other sectors.
Britain’s Energy Security Strategy, unveiled last week, aims to accelerate the deployment of wind, plus next-generation nuclear, solar, and hydrogen technologies, while supporting the production of domestic oil and gas in the near term.
The ambition is for 95 percent of electricity to come from low-carbon sources by 2030. Business and Energy Secretary Kwasi Kwarteng said,
“This investment will unlock the enormous potential of hydrogen, advanced nuclear reactors and carbon capture to level up the UK energy landscape and deliver for businesses and households.
“High gas prices and Russia’s aggression in Ukraine have highlighted the urgent need to produce more of our energy here in the UK. That’s why we have set out bold plans to harness clean, cutting-edge, homegrown technologies and build the energy security we need for the future.”
