nuclear-news

Sizewell nuclear investment may prove radioactive

Alistair Osborne, Tuesday September 19 2023

 Don’t all rush at once. The government is giving private punters
“their first chance to come forward and qualify to invest in Sizewell
C” — the £30 billion-plus nuke, offering guaranteed cost overruns,
prettily located on a Suffolk flood plain. How’s it their first chance? The government’s adviser, Barclays, has been trying to drum up support
for this project for more than a year.

And what’s all this stuff about
qualifying? Ministers really aren’t that fussed where the money comes
from, as long as it’s not from the likes of China, Russia, Iran or the
home of Kim Jong-un’s exploding ballistic missiles.

That the government is desperate for someone to stick a few quid into Sizewell has been clear for yonks. So it’s a bit odd to find new energy secretary Claire Coutinho
making such a hoo-ha about “opening applications for partners to register
their interest” or demanding that they have “experience in delivering
major infrastructure projects”.

Indeed, as pointless announcements go, it
looks up there with the endless relaunches by her predecessor Grant Shapps
of Great British Nuclear: an organisation so far as useful as his Great
British Railways, which still seems to be stuck in a siding.

The key question? What sort of return would investors require and for what risk?
There’s talk that the government its trying to thrash out a price with
potential funders including Brookfield, Stonepeak and Abu Dhabi’s
Mubadala and that Coutinho’s formal process will enable her to harden
things up.

But getting a decision looks tricky when campaigners have just
won leave to appeal the decision to build Sizewell. And, unless it comes up
with giveaway terms, it’s hard to see how the government won’t end up
having to fund most of the equity itself. Investors know how easy it is to
get burnt with nuclear fuel.

 Times 19th Sept 2023

https://www.thetimes.co.uk/article/investment-that-may-prove-radioactive-qrwz35cst

September 23, 2023 - Posted by Christina Macpherson | politics, UK