Phoenix Group plans to back new nuclear power stations - report

Phoenix Group is reportedly preparing to back the government’s plans for a nuclear renaissance, but only if ministers overhaul the funding model that previously led to the collapse of proposed power stations.

According to The Telegraph, Andy Briggs, chief executive of the pensions company, has been in talks with the government about investing in nuclear power infrastructure and is exploring how it could support the creation of new plants.

However, Briggs also cautioned that ministers need to give private sector investors greater clarity on returns around the investment if the FTSE 100 company is to back future projects.

He told The Telegraph: "We’re in ongoing dialogue regularly [with Government] on this. To date, we haven’t made significant investments into nuclear, [but] it’s something we would consider."

It comes as ministers seek to attract private investment to the sector and reduce the UK’s reliance on foreign capital.