nuclear-news

Britain uncomfortably close to Chinese control of nuclear power system

The China syndrome, Economist, 25 Sept 15  Britain’s nuclear plans look over-expensive and over-reliant on China “…….. Already the £24.5 billion project to build a nuclear power station called Hinkley Point C in Somerset is expected to finish over-budget and beyond the projected start date of 2023, if it ever starts at all. But on September 21st, after unveiling in Beijing a £2 billion inducement to China to help finance Britain’s first reactor in 20 years, George Osborne exposed himself to further criticism. The country should lead the way on nuclear power as it did in the 1950s, he said. But the implication was, it could only do it with China’s help (see Bagehot).

Critics say this reveals a whiff of desperation about the government’s bet on a nuclear renaissance, ………

Analysts say Mr Osborne is engaged in a complex manoeuvre to ensure that two Chinese firms help finance EDF. The £2 billion guarantee is one inducement. Another is an offer for China to build a reactor of its own at Bradwell in Essex. That has set off further alarm bells, though. Not only would it test confidence in Britain’s Office for Nuclear Regulation, it would also put a critical part of the nuclear industry and the national grid into Chinese hands.

Roland Vetter of CF Partners, an energy trader, doubts a go-ahead for the China project will come soon; licensing new nuclear technology in Britain takes years. It could be a strategic gambit, though. EDF’s boss in Britain, Vincent de Rivaz, notes that British and French companies are keen to help China, which has an ambitious programme of its own to build nuclear power plants. Mr Osborne may also calculate that Hinkley Point will create numerous jobs and building opportunities, the economic benefits of which would accrue quickly.

The costs, meanwhile, would not become apparent until the plant is completed and bills rise. Future governments would reap the fallout, not this one. http://www.economist.com/news/britain/21667932-britains-nuclear-plans-look-over-expensive-and-over-reliant-china-china-syndrome

September 26, 2015 - Posted by Christina Macpherson | China, politics international, UK