The government is reportedly just a fortnight away from kicking off the auction for land set aside for a new generation of nuclear power stations, as it attempts to accelerate its plans for a "renaissance" in nuclear energy in the UK.

According to reports in The Sunday Times, the Nuclear Decommissioning Authority – which owns the three new proposed sites at Wylfa in North Wales, Bradwell in Derbyshire and Oldbury in the West Midlands – has instructed banking giant UBS to lay out the terms and timeline for the auction within the next two weeks.

A spokeswoman for the Department of Energy and Climate Change (DECC) said the government would not yet confirm the exact start date for the auction, but also declined to deny The Times reports.

The process is expected to start a fierce bidding war between several of Europe's leading energy giants, keen to cash in on the government's new-found commitment to nuclear power.

German energy group RWE, Swedish giant Vattenfall and Spanish firm Iberdrola are all expected to table bids, while Scottish & Southern is reportedly seeking a partnership with one of Europe's larger nuclear operators.

The winning bidders are expected to pay a relatively small upfront fee for the land with the rest of the payment only made when and if planning permission for new reactors is finalised.

Meanwhile, French giant EDF is expected to press ahead with plans to build four new reactors when it completes its proposed £12.5bn acquisition of British Energy. As part of that deal British Gas parent firm could take a 25 per cent stake in any new reactors as it too seeks to venture into the nuclear sector.

The announcement of the auctions comes just days after British Energy chief executive Bill Coley urged the government to accelerate its plans for a new generation of reactors, warning that the UK "can't meet our climate change obligations without nuclear. It's just got to be done".