Can A Nuclear Power Boost Save Inflation-Ridden British Energy Economy?

Can A Nuclear Power Boost Save Inflation-Ridden British Energy Economy?

(Aaron Chown/Pool via AP) High energy prices in the UK have led to the worst cost-of-living increases in decades— with economists warning inflation could breach 10% this year. Households faced a record energy bill spike of 54% at the beginning of April and are set to rise again in October. Prime Minister Boris Johnson wants more nuclear power generation. This is a right way to go – but it may be too little, too late, and too expensive to solve the immediate crisis. While the Conservative Party has been reeling over Johnson's recent fine after breaching pandemic restrictions and a Cabinet Office investigation into Downing Street leadership, it should not overlook high energy costs. They have both political and strategic meanings. Energy prices began to rise last year after natural gas prices reached record highs across Europe. Russia limiting its gas exports to the EU and overall supply lag after pandemic easing led to increasing energy bills. These factors impact the UK acutely because it relies heavily on natural gas to meet its energy needs, having fewer renewables and nuclear power generation than many EU countries. The country myopically closed its largest gas storage facility five years ago, leaving it