nuclear-news

UK govt’s underhand subsidies for nuclear industry

The groups called on the UK government to impose a windfall profits tax on nuclear power generation to clawback the potential windfall profits….The windfall to nuclear generators would follow “years of financial subsidies for nuclear energy, including a GBP10 billion public bailout of British Energy in 2002, and makes a mockery of the Coalition government’s stated opposition to any form of public subsidy for nuclear,”

Greenpeace, WWF say UK nuclear generators to get windfall profits,Barcelona (Platts), David Stellfox–14Feb2011 Greenpeace and WWF said Monday UK nuclear generators could win GBP3.43 billion ($5.48 billion) in windfall profits under government proposals to guarantee a minimum price for carbon emissions.
The antinuclear groups said a proposed carbon floor price reaching GBP40 per mt/CO2 in 2020, one of the proposals the government has put forward in a consultation that closed last week, could result in windfall profits of GBP3.43 billion for the 2013-26 period.

The analysis is based on the average number of hours that the UK’s existing nuclear power stations are expected to operate at for the remainder of their operational life, the groups said in a joint press statement Monday.

The groups called on the UK government to impose a windfall profits tax on nuclear power generation to clawback the potential windfall profits.

They also said a significant proportion of the revenues should be used to help consumers reduce their overall energy consumption and for investment in emerging renewable technologies “possibly by channeling these funds to properly capitalize a planned government Green Investment Bank.”

The windfall to nuclear generators would follow “years of financial subsidies for nuclear energy, including a GBP10 billion public bailout of British Energy in 2002, and makes a mockery of the Coalition government’s stated opposition to any form of public subsidy for nuclear,” the groups said. “At a time of fiscal austerity and rising energy bills, it seems crazy to be introducing a policy that gives huge windfall profits to the existing nuclear generators – especially when this sector has been bailed out by the taxpayer on several occasions in the past.”

“The Government should find ways to prevent these windfall profits, and use the revenue to help householders reduce their energy needs,” they said.
Greenpeace, WWF say UK nuclear generators to get windfall profits – Electric Power | Platts News Article & Story

February 15, 2011 - Posted by Christina Macpherson | politics, UK