The Welsh Affairs Committee has warned that “major obstacles remain” before Wylfa could be home to a gigawatt-scale nuclear power station.
The site was already home to a nuclear power station that operated for over 40 years until decommissioning began in 2015. A second plant has been proposed as part of plans to help the government’s ambition for the UK to meet up to a quarter of its electricity needs with nuclear energy by 2050.
But the limitations of finance models and failure to reach a financial agreement with the government resulted in the Hitachi-led Wylfa Newydd project being suspended in 2019.
The Contracts for Difference (CfD) scheme has previously been used to support nuclear energy projects such as Hinkley Point C, which is under construction but has faced repeated delays and budget increases.
The Committee suggested that a regulated asset base (RAB) model could reduce the overall cost of a large-scale nuclear project by £30bn compared with...