Nuclear industry rep says UK credibility on the line in Hinkley Point nuclear deal

Hinkley Point, UK

The credibility of the Britain’s entire energy sector is on the line in negotiations over the Hinkley Point nuclear project, the chairman of the country’s Nuclear Industry Association wrote in the The Telegraph over the weekend. Lord Hutton argued that were the project to fail it would undermine investor confidence in projects throughout the energy sector.

“Time is of the essence,” said Hutton, chairman of the Nuclear Industry Association. “EDF Energy has spent £1 billion ($1.53 billion) already and the project is at present costing the company £1m a day.”

At present, talks are focused on the proposal to establish a guaranteed energy price to offer assurance to EDF that it will recoup its investment. Most of the companies nuclear reactors in the UK are set to cease operations in Britain within the next decade or so.
“If a deal cannot be struck for new nuclear,” Hutton said, “can it be struck for offshore wind or carbon capture and storage?”

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