No Plan B for Britain if EDF nuclear talks stall

The head of the Nuclear Industry Association in Britain, Lord Hutton, says the country’s future energy security is at stake and failure to agree a deal with EDF (Euronext: EDF) will be a serious blow to investment.

EDF and UK government chiefs are meeting again today to try to work out an agreement on the strike price - the guaranteed minimum amount that the company will receive every time it generates a unit of electricity – for its proposed power plant at Hinkley Point in Somerset.
Lord Hutton
EDF say they cannot go ahead with the project unless the Department of Energy and Climate Change can guarantee this price for the next 30 years.

Lord Hutton has issued a stark warning that failure to agree a price soon would “impact on our future energy security” and damage Britain’s attempts to attract infrastructure investment for overseas investors.

“There is no Plan B for our energy security. Failure exposes Britain to many risks, while success will help settle our energy future and send a strong signal to potential investors that Britain means business,” the former Labour cabinet minister wrote in the Sunday Telegraph.

Hutton went on to ponder whether investment could occur for offshore wind or carbon capture in the event of an EDF deal for new nuclear being knocked back.

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