nuclear-news

To bankroll the failing nuclear industry, the UK government will push thousands into fuel poverty, with its Nuclear Energy (Financing) Bill

Bad for fuel poverty, bad for climate action: why MPs should vote against the Nuclear Energy Bill on Monday.

Controversial legislation is being rushed through parliament which will transfer billions of pounds onto
individual consumers, whilst affording them no protection from the spiralling construction costs of nuclear power. Introduced at the end of October when attention was rightly focused on COP26, the Bill has received little attention.

Yet it will have a profound impact on millions of families forced to foot the bill and will push thousands more into fuel poverty. So why is the government forcing more families into fuel poverty?

To bankroll a failing industry. With all 15 British nuclear power plants set to be closed by 2030, funding for eight new ones is in a state of collapse. Only one plant – Hinkley Point C – is under construction and
this is running ten years late and £4.5 billion over budget. The Bill enables energy companies to use a regulated asset base (RAB) model to transfer the construction costs – and financial risks – onto consumers
and start making a profit even before the plants generate any electricity.

 Labour Outlook 9th Jan 2022

January 10, 2022 - Posted by Christina Macpherson | business and costs, politics, UK