Britain’s energy sector is close to securing tens of billions of pounds in investment from the Far East, Energy Secretary Ed Davey has said.
He said a “massive” wave of investment in nuclear and other technology from China, Japan and Korea would help secure the UK’s future power supply.
A deal to build new reactors at Hinkley Point in Somerset was close, he added.
Labour has said the government is not doing enough, but Mr Davey called its record on energy investment “shocking”.
His comments come amid a fierce political row over household energy bills, with SSE becoming the first of the “big six” energy firms to announce a sharp increase in prices last week.
Speaking on the BBC’s Andrew Marr programme, Mr Davey said he had made “huge progress” during a recent visit to China – during which he spoke to all of the country’s major energy suppliers about boosting two-way investment.
“The Chinese, along with the Japanese and the Koreans are very interested in the opportunities in the British nuclear sector. I think it is really possible we will see massive Chinese investment, not just in nuclear but across the board.”
“I think we will see massive Japanese and Korean investment. It is really critical we get that investment,” he said.
Ed Davey hopeful of 'massive' energy investment