China, Japan and Korea expect to invest billions into UK nuclear power plants, UK Energy Secretary Ed Davey has revealed.
Despite warning the consumers that further price rises in the short-term are unavoidable, Davey said the ‘massive’ wave of investment expected to come from the Far East will secure the UK’s power supply in the more distant future.
"The Chinese, along with the Koreans and the Japanese and other countries, are very interested in the opportunity in Britain's nuclear sector," he told BBC1's 'The Andrew Marr Show' after returning from a ten-day business trip to China.
"I think it is really possible that we will see massive Chinese investment, not just in nuclear but across the board. And I think we will see massive Japanese investment and Korean investment."
Despite the struggles of the Japanese to get the situation at the wrecked Fukushima power plant under control, Davey said he is not concerned about the involvement of Japanese firms in UK’s nuclear sector.
"If and when I secure a deal, I will take personal responsibility for that deal," he said.
Despite warning about further energy price-rises, Davey ruled out cancelling the so-called green taxes that are largely blamed for the price-hikes
"I think we will see more price rises. One of the reasons why we are seeing the big energy price rises is the cost of wholesale gas on international markets," he said.
"The gas price has gone up by 50 per cent over the last five years and over 50 per cent of the bill is wholesale gas price. We have also seen a big increase in the network costs because we have got to replace an ageing network. These are costs which are impossible to avoid."
However, he said, measures have to be put in place to help people reduce their energy bills.