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UK government guarantees £2bn nuclear plant deal with China

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China is investing £2bn in the delayed Hinkley Point nuclear power station, guaranteed by the UK government. This clears the way for French energy EDF to proceed with the project. EDF welcomed the news but did not say the project was back on. The path has also been set for further Chinese investment in other nuclear power stations, at Bradwell, Essex, for instance.

The Hinkley Point power station would be Britain’s first new nuclear plant since Sizewell B was synchronised with the national grid in 1995. Hinkley Point is expected to provide power for about six decades. In Beijing, Chancellor George Osborne said: “We want the UK to be China’s best partner in the West. [This guarantee] paves the way for Chinese investment in UK nuclear [to help provide] secure, reliable, low carbon electricity for decades to come.”

Sophie Neuburg, energy campaigner at Friends of the Earth, responded: “It’s astounding that while the Government is decimating thriving renewable and energy efficiency industries including solar power – with thousands of jobs lost – they are ready and willing to offer up a guarantee for a £2bn loan for a nuclear deal struggling to find investors. And, nuclear is a terrible deal for consumers.  New wind and solar plants being built for 2018 already cost less than the price we will still be paying for nuclear energy by the 2050s.

“£2bn on the Government balance sheet could provide loans to insulate 1m homes, or pay for enough solar to power 1.3 million households, reducing carbon and creating thousands of jobs in the near future.”

Dr Jenifer Baxter, Head of Energy and Environment, at the Institution of Mechanical Engineers, said in response to the UK Government decision to guarantee the Hinkley Point C nuclear power plant: “This development is welcome news and long overdue.  Nuclear is set to play a central and vital role in the UK’s energy future. Although the financial costs of nuclear power seem high, with the upfront cost of Hinkley Point C over £16 billion, this power station will provide and modernise the diversification we so badly need in ensuring the UK’s lights stay on.

“Nuclear is currently one of the least CO2-intensive ways to generate base-load electricity.  It is a vital part of the electricity mix we need in addition to gas-generation and renewables. At present, there is no viable alternative that will enable us to meet our emission targets.

“Government now needs to push forward with the development of other nuclear power sites, in places like Wylfa and Oldbury as well as other types of nuclear, like Small Modular Reactors (SMRs). SMRs present a lower cost option, with comparatively straightforward construction and, potentially, a more attractive investment proposition. They would be factory-manufactured and assembled on site, and likely cost in the region of £1-2 billion.

“Whilst the development of a new nuclear power station is positive news, the Government must encourage significant investment in the whole nuclear fuel life-cycle.  Investment in research and development to understand further the nature of radioactive waste, the potential for further energy production both heat and power and the opportunities for reducing radioactive half-life are all vital in developing a safe nuclear industry.  Concerns over the disposal and long-term management of these wastes must also be addressed, with proper testing for geological disposal of radioactive wastes taking around 20 years. The Government must also take steps to secure potential sites for disposal with long-term testing strategies, without which nuclear power generation will continue to leave a significant waste challenge for future generations.”

Stop Hinkley Spokesperson Allan Jeffery said: “The Chancellor, George Osborne, seems so desperate to get this project off the ground that he is prepared to go cap in hand for finance to a country with a lamentable human rights record and poor health and safety record. The Prime Minister should end this charade right now.”

 

 

 

Energy

7 New Technologies That Could Radically Change Our Energy Consumption

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Energy Consumption
Shutterstock Licensed Photo - By Syda Productions | https://www.shutterstock.com/g/dolgachov

Most of our focus on technological development to lessen our environmental impact has been focused on cleaner, more efficient methods of generating electricity. The cost of solar energy production, for example, is slated to fall more than 75 percent between 2010 and 2020.

This is a massive step forward, and it’s good that engineers and researchers are working for even more advancements in this area. But what about technologies that reduce the amount of energy we demand in the first place?

Though it doesn’t get as much attention in the press, we’re making tremendous progress in this area, too.

New Technologies to Watch

These are some of the top emerging technologies that have the power to reduce our energy demands:

  1. Self-driving cars. Self-driving cars are still in development, but they’re already being hailed as potential ways to eliminate a number of problems on the road, including the epidemic of distracted driving ironically driven by other new technologies. However, even autonomous vehicle proponents often miss the tremendous energy savings that self-driving cars could have on the world. With a fleet of autonomous vehicles at our beck and call, consumers will spend less time driving themselves and more time carpooling, dramatically reducing overall fuel consumption once it’s fully adopted.
  2. Magnetocaloric tech. The magnetocaloric effect isn’t exactly new—it was actually discovered in 1881—but it’s only recently being studied and applied to commercial appliances. Essentially, this technology relies on changing magnetic fields to produce a cooling effect, which could be used in refrigerators and air conditioners to significantly reduce the amount of electricity required.
  3. New types of insulation. Insulation is the best asset we have to keep our homes thermoregulated; they keep cold or warm air in (depending on the season) and keep warm or cold air out (again, depending on the season). New insulation technology has the power to improve this efficiency many times over, decreasing our need for heating and cooling entirely. For example, some new automated sealing technologies can seal gaps between 0.5 inches wide and the width of a human hair.
  4. Better lights. Fluorescent bulbs were a dramatic improvement over incandescent bulbs, and LEDs were a dramatic improvement over fluorescent bulbs—but the improvements may not end there. Scientists are currently researching even better types of light bulbs, and more efficient applications of LEDs while they’re at it.
  5. Better heat pumps. Heat pumps are built to transfer heat from one location to another, and can be used to efficiently manage temperatures—keeping homes warm while requiring less energy expenditure. For example, some heat pumps are built for residential heating and cooling, while others are being used to make more efficient appliances, like dryers.
  6. The internet of things. The internet of things and “smart” devices is another development that can significantly reduce our energy demands. For example, “smart” windows may be able to respond dynamically to changing light conditions to heat or cool the house more efficiently, and “smart” refrigerators may be able to respond dynamically to new conditions. There are several reasons for this improvement. First, smart devices automate things, so it’s easier to control your energy consumption. Second, they track your consumption patterns, so it’s easier to conceptualize your impact. Third, they’re often designed with efficiency in mind from the beginning, reducing energy demands, even without the high-tech interfaces.
  7. Machine learning. Machine learning and artificial intelligence (AI) technologies have the power to improve almost every other item on this list. By studying consumer patterns and recommending new strategies, or automatically controlling certain features, machine learning algorithms have the power to fundamentally change how we use energy in our homes and businesses.

Making the Investment

All technologies need time, money, and consumer acceptance to be developed. Fortunately, a growing number of consumers are becoming enthusiastic about finding new ways to reduce their energy consumption and overall environmental impact. As long as we keep making the investment, our tools to create cleaner energy and demand less energy in the first place should have a massive positive effect on our environment—and even our daily lives.

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Energy

Responsible Energy Investments Could Solve Retirement Funding Crisis

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Energy Investments
Shutterstock / By Sergey Nivens | https://www.shutterstock.com/g/nivens

Retiring baby-boomers are facing a retirement cliff, at the same time as mother nature unleashes her fury with devastating storms tied to the impact of global warming. There could be a unique solution to the challenges associated with climate change – investments in clean energy from retirement funds.

Financial savings play a very important role in everyone’s life and one must start planning for it as soon as possible. It’s shocking how quickly seniors can burn through their nest egg – leaving many wondering, “How long your retirement savings will last?

Let’s take a closer look at how seniors can take baby steps on the path to retiring with dignity, while helping to clean up our environment.

Tip #1: Focus & Determination

Like in other work, it is very important to focus and be determined. If retirement is around the corner, then make sure to start putting some money away for retirement. No one can ever achieve anything without dedication and focus – whether it’s saving the planet, or saving for retirement.

Tip #2: Minimize Spending

One of the most important things that you need to do is to minimize your expenditures. Reducing consumption is good for the planet too!

Tip #3: Visualize Your Goal

You can achieve more if you have a clearly defined goal in life. This about how your money can be used to better the planet – imagine cleaner air, water and a healthier environment to leave to your grandchildren.

Investing in Clean Energy

One of the hottest and most popular industries for investment today is the energy market – the trading of energy commodities. Clean energy commodities are traded alongside dirty energy supplies. You might be surprised to learn that clean energy is becoming much more competitive.

With green biz becoming more popular, it is quickly becoming a powerful tool for diversified retirement investing.

The Future of Green Biz

As far as the future is concerned, energy businesses are going to continue getting bigger and better. There are many leading energy companies in the market that already have very high stock prices, yet people are continuing to investing in them.

Green initiatives are impacting every industry. Go Green campaigns are a PR staple of every modern brand. For the energy-sector in the US, solar energy investments are considered to be the most accessible form of clean energy investment. Though investing in any energy business comes with some risks, the demand for energy isn’t going anywhere.

In conclusion, if you want to start saving for your retirement, then clean energy stocks and commodity trading are some of the best options for wallets and the planet. Investing in clean energy products, like solar power, is a more long-term investment. It’s quite stable and comes with a significant profit margin. And it’s amazing for the planet!

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