EDF Energy asks Government to back nuclear reactor investment
Hinkley Point energy giant EDF has asked the Government to back its investment in the nuclear reactors it wants to build in the UK.
The French company has argued its multi-billion pound planned nuclear station in Somerset is one of the UK’s top five infrastructure projects and, as a result, could be eligible for a state-backed guarantee.
The Financial Times reported that talks between EDF and the Government were at an early stage and formal discussions could start after both sides had agreed a fixed price for the nuclear power generated there. The Government has repeatedly said there would be no public subsidy for new nuclear reactors in the UK.
Hinkley Point no longer involves any major British companies after Centrica, owner of British Gas, announced last week that it would not exercise its option to take a 20 per cent stake in EDF’s reactor-building programme due to its rising costs. EDF has been in talks with state-owned Chinese companies, but has said it would need clarity on the price of its nuclear-generated electricity before it could bring any new investors on board.
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EDF, which owns and operates eight of the UK’s existing 10 nuclear power stations, is planning a new twin-reactor plant at Hinkley Point on the Somerset coast.
In a statement earlier this month, EDF Energy CEO Vincent de Rivaz said: “The project at Hinkley Point C is making good progress. EDF is working with Government to agree a price for the electricity at Hinkley Point C which will be fair and balanced for UK consumers and investors.”
The Treasury’s UK Guarantees scheme, unveiled last July, is intended to underwrite up to £40 billion of infrastructure investments. It is designed to kickstart critical projects which are struggling to access private finance.
The coalition has said £110 billion of investment in Britain’s infrastructure will be needed over the next decade.
Comments
by PeterL
Wednesday, February 13 2013, 11:28AM
“There is considerable opposition to renewable energy in the County. People are aware of the inherent risks of nuclear and the problems over nuclear waste and people now accept that we cannot go on using fossil fuels without Carbon Capture.
The Government has relied too much on the big companies for advice and on market forces and does not seem to have a coherent energy policy. We now face the prospect of energy shortages within three years.
I fear we must look to our own endeavours if we are to keep the lights on. One way of overcoming objections to wind and solar farms is Community Ownership. When you reap some of the profit wind turbines can seem much more attractive. Renewables can be built on a community scale and include all sorts of exciting technologies.
We are so used to having these services provided that we expect them to continue, but since the sell offs these services have become businesses and their responsibilities are to their shareholders. This does put the Government in a quandary as we expect them to keep the lights on and it may well lead to subsidies for nuclear and agreement on a price for their electricity higher than we would wish, and then there is the waste problem. Want any in your garden?
Peter Lansdown
Secretary
South Somerset Green Party”