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UK energy sector expecting 'massive' international investment

15 october 2013, 18:47
Britain's Secretary of State for Energy and Climate Change Ed Davey. ©Reuters//Luke MacGregor
Britain's Secretary of State for Energy and Climate Change Ed Davey. ©Reuters//Luke MacGregor
Britain is close to securing "massive" international investment in its energy sector, AFP reports according to the Energy Secretary Ed Davey.

Davey told BBC's Andrew Marr programme that he had made "huge progress" in negotiations with China during a recent visit as Britain looks to secure its future energy supply while hitting emission targets.

He also said that South Korea and Japan were considering big investments.

"The Chinese, along with the Japanese and the Koreans are very interested in the opportunities in the British nuclear sector. I think it is really possible we will see massive Chinese investment, not just in nuclear but across the board," he said.

"I think we will see massive Japanese and Korean investment. It is really critical we get that investment," he said.

The minister revealed that the government was close to securing a deal to build new nuclear reactors at Hinkley Point in Somerset, south west England.

Britain is mired in a heated political debate over its energy sector after opposition Labour leader Ed Miliband vowed to freeze bills if his party wins the next election.

But Davey called Labour's recent record on energy investment "shocking".

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