Spring Budget offers EPG extension and targets SMRs for greater energy security

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Despite the drop in wholesale prices, domestic power prices have remained high. The Default Tariff Price Cap is set to fall in the first three months of 2023. The government has extended the EPG at its current rate until July, u-turning on the previous decision to increase it from April.

Support for the nuclear power sector was announced within the Spring Budget, in particular for Small Modular Reactors (SMRs). The Government is launching Great British Nuclear (GBN) to help address constraints in the market, supporting new nuclear builds to aid net zero.

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