UK to explore options for funding new nuclear -energy secretary

Britain will explore its options for funding new nuclear plants as the cost of renewables has fallen so sharply it could not justify much higher subsidies for Hitachi's Horizon nuclear project which the Japanese company halted on Friday, the UK energy secretary said.

Speaking to members of parliament, UK energy secretary Greg Clark said the government had offered a guaranteed minimum price for electricity of 75 pounds per megawatt hour to support the project, as well as being willing to take a one-third equity stake.

"We need a new approach to financing new projects," Clark said, adding that the government is exploring using a regulated asset-based model. (Reporting by Nina Chestney and Susanna Twidale; editing by Jason Neely)