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UK Sizewell nuclear project could be a costly fiasco like Hikley Point C

Britain must tread with caution on new nuclear

The country’s first power plant in over 20 years is costly and late,THE EDITORIAL BOARD, Ft.com, 14 Dec 20
More than a decade ago the UK head of EDF, the French power company, promised that Britons would be cooking their Christmas turkeys with power from a new nuclear plant in 2017. Three Christmases after that deadline, Britons are still waiting; Hinkley Point C, the Somerset plant in question, is not expected to start providing electricity until 2025. The 2017 pledge has haunted EDF ever since, and dogged the government’s attempts to formulate a coherent energy policy. Britain’s commitment to a target of net-zero emissions by 2050 has only added to the urgency for a new approach. ………

The government cannot afford a repeat of what happened with Hinkley Point. Thanks to spiralling construction costs and a controversial support system that guaranteed EDF and its junior partner, China’s CGN, a steep price for the electricity, it has become one of the most expensive nuclear reactor projects in the world. Under the 2013 deal, the coalition government agreed a price of £92.50 per megawatt hour for the electricity — at the time, close to double the wholesale price. The price is also indexed to inflation. Since then, the cost of renewables has plummeted, making Hinkley Point look even more expensive. ….. https://www.ft.com/content/b528ba1c-3e29-4472-89ef-6627b60b6b0c

December 15, 2020 - Posted by Christina Macpherson | business and costs, politics, UK

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