Soaring costs of UK’s Hinkley Point C nuclear project, and other nuclear plans, while renewables get cheaper
  Business Green 27th May 2020, significant concerns surround the high costs associated with new nuclear power, particularly in the wake of the controversial Hinkley PointC project in Somerset, which has soared £2.9bn over budget so far and is running 15 months behind schedule. EDF said Sizewell C would use the same
design as Hinkely Point C, and would therefore benefit from “significantly reduced construction costs and lower risk”. Financing could also help reduce costs even further, it added. Chinese state-owned firm CGN also holds a 20 per cent stake in the development phase of Sizewell C. The same company also holds a 33 per cent stake in Hinkley Point C. But many green
groups argue renewable power sources coupled with battery storage and grid flexibility technologies offer a far cheaper and more reliable, zero carbon source of electricity for the UK grid. A report last year by think tank ECIU argued the UK should look to scale up wind and solar rather than nuclear energy capacity going forward. Greenpeace UK chief scientist Doug
Parr said EDF’s decision to push for new nuclear power in the face of “cheaper, safer, faster and far more popular alternatives” being pursued elsewhere in the world was “difficult to explain”. “For half a century Britain was overly-optimistic about the technology, but we don’t have to keep making the same mistake,” he said. “All it would take to knock billions off our future energy bills is for the government to admit they are backing the wrong horse. Energy technologies and economics have changed enormously over the past five years, and energy policy needs to change with them.” |
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