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British residents will be locked into very high electricity costs, as govt takes a £16 billion stake in Wylfa nuclear station

London Economic 4th July 2018 After weeks of discussions over the risks of investing in large-scale
energy projects, the British government proposed to become an equal
investment partner in the new Wylfa Newydd nuclear plant. Under a
tripartite financing structure, London is going to take a £16 billion
stake in the plant, signalling that it has learned its lessons from past
failures. Both in Wales and further east in Europe, a public stake plays a
critical role in facilitating large-scale, low carbon energy projects.

Any discussion of the planned Wylfa Newydd project is obliged to give a cursory
nod to Hinkley Point C, the first and only nuclear power station to be
built in the UK since 1995. When complete, Hinkley Point will produce the
most expensive electricity compared to all power stations bar none.
Globally.

The irony is that this is largely due not to the installation
costs (admittedly somewhat higher than competition) but to its financing
model. The House of Commons Committee of Public Accounts frets that with
“estimated costs to the consumer having risen five-fold” since the
project’s go-ahead, the deal struck on Hinkley Point locks Brits into
footing the bill for the government’s lack of nous when negotiating the
‘strike price’ for electricity produced at the facility.
https://www.thelondoneconomic.com/opinion/splitting-the-financial-atom-how-public-backing-produces-cheaper-nuclear-power/04/07/

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July 7, 2018 - Posted by | business and costs, politics, UK

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