nuclear-news

UK’s Nuclear Financing Bill – very strange logic – with £40 billion to £60 billion for a new nuclear power station seen as a good thing.

Last week Tim Farron MP sent the following reply to Radiation Free Lakeland when we urged him to vote NO to the public paying for new nuclear build in the Nuclear Financing Bill yesterday. Our MP’s opposition to new nuclear is heartening. But this opposition was not reflected in the vote of
458 for to 53 against (how many others opposed did not vote?) the Bill at third reading.

The Bill will now be considered in the House of Lords. This vote is truly shocking. Alan Brown MP said during the debate Government “has been very good at telling us about the mythical savings that will
accrue via the regulated asset base funding model introduced by this Bill—they are estimated at between £30 billion and £70 billion. What the Government are not so good at is telling us what money they want to commit for the likes of Sizewell C. In effect, they are telling us, ”Let’s save money for bill payers by signing up to a less bad deal for a new nuclear project.”

According to the impact assessment, the capital and financing cost is going to be in the region of £40 billion to £60 billion for a new nuclear power station.

It is a strange logic to tell us that £50 billion being added to our energy bills at the time of a cost of living energy crisis is somehow a good thing. By default, the Government are also confirming just how much of a stinking, rotten deal Hinkley Point C was for bill payers if we are saying that we can save that much money compared with the contracts for difference model for Hinkley C.”

 Radiation Free Lakeland 11th Jan 2022

January 13, 2022 - Posted by Christina Macpherson | business and costs, politics, UK