The credibility of the Britainâs entire energy sector is on the line in negotiations over the Hinkley Point nuclear project, the chairman of the countryâs 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.
âTime is of the essence,â said Hutton, chairman of the Nuclear Industry Association. âEDF Energy has spent £1 billion ($1.53 billion) already and the project is at present costing the company £1m a day.â
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.
âIf a deal cannot be struck for new nuclear,â Hutton said, âcan it be struck for offshore wind or carbon capture and storage?â
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