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UK will have to pile on costs to consumers, if new nuclear power is to go ahead

Energy ministers eye new formula to pay for Britain’s nuclear power plants
Japanese withdrawal leaves UK energy policy in tatters Times,  John Collingridge, January 13 2019,  Ministers will be forced to pioneer a new way of financing nuclear power after Hitachi walked away from a £16bn plant in north Wales.

The suspension of the Japanese giant’s Horizon project on Anglesey, expected to be confirmed at a board meeting tomorrow, will force the government to lure investors with a financing method that would pile costs on to consumers, even before a plant has been built.

Ministers are expected to accelerate plans to introduce regulated asset base (RAB) financing, which is popular in the water and infrastructure sectors, for nuclear plants including the Horizon site.

Hitachi’s mothballing of its scheme, which could cost about 400 jobs, will be a damaging blow to Britain’s energy policy. In November, its Japanese counterpart Toshiba scrapped plans…(subscribers only) https://www.thetimes.co.uk/edition/business/energy-ministers-eye-new-formula-to-pay-for-britain-s-nuclear-power-plants-9p7zmrsdt

January 14, 2019 - Posted by | politics, UK

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