nuclear-news

An irreversible ripoff of the British public – new nuclear reactors

the numbers now being talked about in terms of price guarantees for the energy giants are astronomical.

 who will wave a flag and scream ‘rip off’ before the Government signs an irrevocable deal.

 Nuclear deal is likely to leave a toxic legacy This Is Money, By LISA BUCKINGHAM, 6 October 2012 “…….Now, though, comes a set of negotiations that have the ability to swipe tens of billions out of the public purse and into private coffers. Chinese investors may be about to pick up part of the tab for building some of our new nuclear power stations, but this is not out of the goodness of their hearts.
French energy group EDF, in partnership with British Gas owner Centrica, has been embroiled in long negotiations with the Government over what will effectively be a subsidy to help them cover the huge building costs of these new generators.
The Government is worried that unless we get these plants built – and
quickly – there is a real chance that the lights will go out.
But some of the numbers now being talked about in terms of price
guarantees for the energy giants are astronomical. The highly regarded
Supporters of Nuclear Energy group has calculated that, after building
costs have been paid, the firms will coin a cool £4 billion a year  in
profits.
And these power stations are expected to run for 50 years or so. That
is an awful lot of our money likely to find its way into the pockets
of EDF and Centrica.
Certainly, the Government’s negotiating position is not strong.
Despite a belief that, should push come to shove, we could throw up a
load of gas-fired power stations to cover any gap, there is still a
conviction in Whitehall that we will be in severe trouble unless these
nuclear plants are built.
And in this negotiation there is not a Sir Richard Branson who will wave a flag and scream ‘rip off’ before the Government signs an irrevocable deal.
New Energy Minister John Hayes does, at least, appear mindful of just
how toxic his financial legacy could be.
Officials are now working on a way of building in a renegotiation of
the subsidy to restrict excess profits. However, with West Coast Rail
still hogging the headlines, it is hard to have confidence that the
Government will not once again be legged over by the private
sector…. http://www.thisismoney.co.uk/money/markets/article-2213885/LISA-BUCKINGHAM-Nuclear-deal-likely-leave-toxic-legacy.html

October 8, 2012 - Posted by Christina Macpherson | business and costs, UK