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Business

An experimental nuclear fusion reactor could be built in Pembrokeshire

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PEMBROKESHIRE could be the location of an experimental nuclear fusion reactor, which could produce abundent clean energy, if the council backs plans for a site on land owned jointly between Valero oil refinery and Pembroke Power station.

Pembrokeshire County Council’s Cabinet will be asked next week (May 17) to support the project, which it is hoped could create limitless energy.

The officers of the council are recommending to Cabinet that members approve the nominated site being included on the list of UKAEA candidate sites.

Elsewhere in Wales, the Vale of Glamorgan Council is bidding for it to be built at the Aberthaw power station site.

Communities had until the end of March to nominate locations.

If approved the nuclear fusion station, the council’s officers say, could position Pembrokeshire at the international forefront of the clean energy revolution, bringing visibility to the community on a global stage. It was also recommended that the project will bring long-term and enduring environmental, employment, skills and economic benefits to the host community.

However, Greenpeace believes that nuclear fusion is an expensive distraction from the real agenda of providing environmentally benign, reliable energy supply. The campaign group gas also written to Parliament saying that the deuterium-tritium (D-T) fuel mixture used in nuclear fusion produces four times as many high energy neutrons per kilowatt-hour of energy produced than sandard nuclear fission.

Council officers recommend approval for a nuclear fission reactor near Valero refinery (pictured)

Nevertheless the government has a concept programme called STEP, which is an ambitious programme for the conceptual design of a fusion power station. It is a UKAEA administered programme, currently with £220 million funding to produce a phase 1 concept design by 2024.

Beyond 2024, it is claimed, phase 2 intends to move into the engineering design and build phases to deliver the prototype of a commercially viable fusion plant. The prototype will hopefully demonstrate the commercial viability of fusion. The learning from this will enable the future development of a UK fleet of commercial fusion plants, the government said. The target date for the first fully operational plant will be 2040.

In November 2020, the UK Government released an open call to communities across the UK to identify sites that could accommodate a STEP power station, with the site near Valero being chosen.

A report to councillors sitting on the Cabinet states that unlike with conventional nuclear power, there is a benefit of limited risk of nuclear materials proliferation. This is because nuclear fusion doesn’t employ fissile materials like uranium and plutonium. There are no enriched materials in a fusion reactor that could be exploited to make nuclear weapons.

The STEP programme said that it seeks to maximise the recycling and re-use of materials and only use disposal routes where there is no other option.

It said to this end research is being carried out on suitable materials to minimise decay times as much as possible. Any radioactivity of the components in the tokamak structure is classed as low level and relatively short lived.
Fusion is regarded by Government as being carbon free, safe, low land use, low, manageable waste, reliable energy baseload with unlimited fuel.

Paul Miller, Cabinet Member for Economy, Tourism, Leisure and Culture on Pembrokeshire County Council said: “The Haven Waterway has provided livelihoods, underpinned by fossil fuels, for thousands of Pembrokeshire families, mine included, for more than 50 years.

“Its my job to help ensure the waterway continues to provide high skilled, engineering, science and technology jobs for the next generation of this county and so linked to our focus on climate change (and in addition to our existing multi-million pound commitments to supporting wind, wave and tidal clean power generation) my team have been exploring whether we can also support the development of clean, green fusion technology.

“It very early days in the UK Atomic Energy Authority’s site selection process but we’ll provide regular updates as things progress.”

What is nuclear fusion?

Fusion is the process that takes place in the heart of stars and provides the power that drives the universe. When light nuclei fuse to form a heavier nucleus, they release bursts of energy. This is the opposite of nuclear fission – the reaction that is used in nuclear power stations today – in which energy is released when a nucleus splits apart to form smaller nuclei.

To produce energy from fusion here on Earth, a combination of hydrogen gases – deuterium and tritium – are heated to very high temperatures (over 100 million degrees Celsius). The gas becomes a plasma and the nuclei combine to form a helium nucleus and a neutron, with a tiny fraction of the mass converted into ‘fusion’ energy. A plasma with millions of these reactions every second can provide a huge amount of energy from very small amounts of fuel.

One way to control the intensely hot plasma is to use powerful magnets. The most advanced device for this is the ‘tokamak’, a Russian word for a ring-shaped magnetic chamber. CCFE’s goal is to develop fusion reactors using the tokamak concept.

Advantages of fusion power

With increasing concerns over climate change and finite supplies of fossil fuels, we need new, better ways to meet our growing demand for energy. The benefits of fusion power make it an extremely attractive option:

  • No carbon emissions. The only by-products of fusion reactions are small amounts of helium, an inert gas which can be safely released without harming the environment.
  • Abundant fuels. Deuterium can be extracted from water and tritium will be produced inside the power station from lithium, an element abundant in the earth’s crust and seawater. Even with widespread adoption of fusion power stations, these fuel supplies would last for many thousands of years.
  • Energy efficiency. One kilogram of fusion fuel could provide the same amount of energy as 10 million kilograms of fossil fuel. A 1 Gigawatt fusion power station will need less than one tonne of fuel during a year’s operation.
  • Less radioactive waste than fission. There is no radioactive waste by-product from the fusion reaction. Only reactor components become radioactive; the level of activity depends on the structural materials used. Research is being carried out on suitable materials to minimise decay times as much as possible.
  • Safety. A large-scale nuclear accident is not possible in a fusion reactor. The amounts of fuel used in fusion devices are very small (about the weight of a postage stamp at any one time). Furthermore, as the fusion process is difficult to start and keep going, there is no risk of a runaway reaction which could lead to a meltdown.
  • Reliable power. Fusion power plants will be designed to produce a continuous supply of large amounts of electricity. Once established in the market, costs are predicted to be broadly similar to other energy sources.

Business

Wales leads Britain in export growth for financial and professional services

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Financial exports soar by 63.5% to £4.3bn

WALES has outpaced every other part of Great Britain in export growth for financial and related professional services, according to a new report by TheCityUK.

The report, Exporting from across Britain: Financial and related professional services 2025, reveals that exports from Wales surged by 63.5% in 2022, reaching £4.3bn—significantly ahead of the national average.

Across Great Britain, total financial and related professional services exports rose by 18.4% to £158bn, with nearly half (47%) generated outside London. Wales contributed 2.9% of the UK’s total financial services exports and 2% of the related professional services total.

The report provides a breakdown of 2022 data by region and nation, highlighting the growing contribution of areas outside London in strengthening the UK’s role as a global financial centre.

In terms of export destinations, 27% of Wales’s financial services exports went to the European Union, with the remaining 73% reaching markets across the rest of the world.

Tom Bray, TheCityUK Chair for Wales and Senior Office Partner (Cardiff) at Eversheds Sutherland, said: “It’s great to see such strong growth in Wales for financial and related professional services exports. Our skill and ability to provide high-quality financial and professional services plays an important role in driving growth in Wales, creating jobs and opportunities for communities across the nation.”

Anjalika Bardalai, Chief Economist and Head of Research at TheCityUK, added: “In 2022, Wales had an extremely strong year of export growth, albeit from a lower base than most regions. Nearly half of all UK exports in financial and related services now come from outside London, reinforcing the UK’s strength as an international financial hub and the importance of regional contributions.”

Policy recommendations

TheCityUK report also outlines a series of recommendations for industry, government, and regulators to support export growth in Wales and beyond. These fall under three key areas:

1. Improving access to trade opportunities

  • Better coordination between UK government, devolved administrations, and investment bodies.
  • Align local growth strategies with national trade goals.
  • Launch a pilot national brokerage scheme to connect capital with investable projects.

2. Expanding global market access

  • Finalise FTAs with Switzerland and India, ensuring better market access and digital trade provisions.
  • Use talks with the Gulf Cooperation Council to promote regulatory cooperation.
  • Strengthen regulatory dialogues with major markets like the US, EU, Japan, and Singapore.
  • Replicate successful models like the UK-Switzerland MRA with other global financial centres.
  • Encourage domestic and international investment into UK scale-up businesses.

3. Positioning the UK for future demand

  • Make the UK a global hub for data, tech, and innovation.
  • Establish the UK as the gateway for international investment.
  • Focus development work on high-potential markets to maximise value.

The report underlines that Wales’s performance demonstrates the growing importance of the UK’s nations and regions in maintaining the country’s competitive edge on the global stage.

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Business

Labour costs loom ahead of new financial year

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WELSH businesses are under increasing pressure to raise prices due to rising labour costs, according to the latest Quarterly Economic Survey by Chambers Wales South East, South West and Mid.

The first survey of 2025 reveals that 85% of businesses in Wales cite labour costs—including salaries, pay settlements and contractor fees—as a major pressure in the first quarter. This marks a rise from 81% in the final quarter of 2024.

Firms are also bracing for the impact of increases to the National Minimum Wage on 1 April and Employer National Insurance Contributions on 6 April. As a result, 44% of surveyed businesses said they plan to raise the price of goods or services by up to 15% to absorb these costs. A further 10% said they will increase prices due to the National Insurance rise alone.

Despite financial pressures, workforce stability remained strong. Seventy-six per cent of businesses reported no change in staffing levels over the past three months. However, the proportion of companies attempting to recruit fell to 40%, down from 45% in the previous quarter. Looking ahead, 58% expect their workforce to remain unchanged in the next quarter, while 23% plan to increase staff numbers.

The Q1 survey also reflected cautious optimism, with 39% of respondents reporting a rise in export sales and bookings. Additionally, 28% of businesses said they had increased investment in plant, machinery, technology and equipment. Nearly half (45%) forecast an improvement in turnover.

Gus Williams, interim CEO at Chambers Wales South East, South West and Mid, said:
“In our recent Quarterly Economic Surveys, including this survey for Q1, recurring concerns for businesses centre around labour costs and taxation. As changes are set to come into effect in April, businesses in Wales are having to review their goods and services prices, ongoing costs and recruitment plans.

“While there have been glimmers of optimism in exporting and some aspects of investment this quarter, firms will require reassurance and action from government to avoid stagnating and unlock growth. The Office for Budget Responsibility’s revised growth forecasts suggest that economic growth is less certain this year but will be a longer-term achievement.”

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Business

Pembrokeshire rules out visitor levy for next two years

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PEMBROKESHIRE COUNTY COUNCIL has confirmed that it will not be introducing a visitor levy during the current administration, offering a measure of certainty to the county’s tourism sector amid a period of major change.

The announcement was made by Cllr Paul Miller, Deputy Leader and Cabinet Member for Place, the Region and Climate Change, during the Visit Pembrokeshire Tourism Summit and AGM held at Folly Farm Adventure Park & Zoo on Wednesday (Apr 3).

Cllr Miller said: “We provide a fantastic tourism offer here in Pembrokeshire and it is an important part of the county’s economy.

“In addition to jobs, this administration’s approach is also about the year-round facilities and attractions that benefit local people too. We recognise the tourism landscape has experienced significant change, be that second homes legislation, tax changes, and we’re aiming to provide some certainty to the industry.

“We acknowledge it’s important to recognise there’s balance to be struck between supporting the industry and dealing with some of the challenges associated with peaks in season. Therefore, I’m confirming it’s not our intention to take forward the option of a visitor levy in Pembrokeshire during this administration.

“Like the hospitality and attraction sector across Pembrokeshire’s amazing tourism offer, I am looking forward to a great summer season for the industry.”

A visitor levy, sometimes called a tourism tax, has been proposed in other parts of Wales to help fund public services and infrastructure in tourist hotspots, but the move has been met with concern by many in the hospitality sector.

Emma Thornton, Chief Executive of Visit Pembrokeshire, welcomed the clarity. She said: “Visit Pembrokeshire welcomes this decision and thanks Pembrokeshire County Council for listening to tourism businesses.

“The cumulative impact of changes in Welsh Government policy affecting tourism businesses, alongside implications of the UK Government’s Autumn Budget, has resulted in real anxiety amongst the trade about the future.

“This decision provides some breathing space and certainty around the short to medium term, which is greatly appreciated.”

Visit Pembrokeshire is the official Destination Management Organisation for the county, providing tourism leadership, marketing, industry support and project delivery. Its base is at The Bridge Innovation Centre in Pembroke Dock.

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