“UK households could pay £50bn to France’s state-owned energy company to prop up Hinkley nuclear plant”

Well, at least it’s not just Devon and Somerset, though Owl suspects we will be paying far more than pur fair share:

“UK households could pay £50bn for the new Hinkley Point C nuclear plant in Somerset, new government figures reveal. That number is more than eight times greater than the National Audit Office’s initial 2013 estimate that a public investment of £6bn would be required.

The spiralling costs are due to the terms of the Government’s agreement with EDF, the French state-owned electricity company, which is building the plant in conjunction with China General Nuclear Power.

That deal guarantees EDF a £92.50 “strike price” for every megawatt hour of electricity that the new plant generates, a figure that critics have said is far too high. …”

http://www.independent.co.uk/news/business/news/hinkley-nuclear-plant-edf-uk-households-energy-power-somerset-government-a7849216.html

One thought on ““UK households could pay £50bn to France’s state-owned energy company to prop up Hinkley nuclear plant”

  1. Ah, the famous Magic-Money-Tree is there to save the day again – even though the Tories deny it exists.

    So let’s summarise…

    They pay a world-record amount per mile for a new railway line (HS2) whilst cancelling planned upgrades to existing lines (which would improve capacity far more cheaply). They lie about the costs and the benefits in order to push the decision through.

    They pay an eye-watering amount for a new nuclear power plant from countries who have a track record of falsifying safety inspections and whose reputation for quality is non-existent – whilst allowing privatised electricity companies to fail to invest in new capacity while they charge record prices and send huge dividends to their foreign owners, and at the same time changing the rules about renewable energy to make it uneconomic. They lie about the costs and benefits in order to drive their decisions through.

    They rob education budgets for existing schools to pay for their free-school dogma, whilst attempting to push through a privatisation policy without election mandate, debate – whilst using double-speak to hide their intents. The education sector is now in genuine crisis too.

    They cut make gouging cuts to local government services for 7 years in a row in the name of an austerity policy designed to cut the deficit, whilst giving massive tax cuts to their super-rich sponsors and allowing the deficit to double. They make massive cuts and then proudly announce special funding to alleviate the pain targeted at their friends or those likely to be embarrassing, leaving the rest suffering from unfairly low funding.

    We have crime going up whilst police staffing levels are at a 30 year low and the terrorist threat is at its highest for decades.

    We have violence in prisons growing exponentially whilst prison staff numbers are at their lowest for decades.

    We have an NHS where £10bn-£30bn per year (yes 10s of £ BILLIONS PER YEAR) is spent on unnecessary administration to support their secret privatisation agenda, with GPs, hospitals, the ambulance service, nursing and mental health all starved of money and in crisis.

    Can anyone name any part of the public services which is NOT now in crisis? Is there any public service which is properly funded? (Well, MP’s salaries are properly funded – they have had significant pay rises over the past 7 years whilst nurses have had a 14% real-terms pay cut.)

    They say that they cannot afford to pay for public services, whilst wasting money on vanity projects and unnecessary administration. But the real reason is that UK productivity is down a significant amount and tax revenues are shrinking in proportion – and an ultra-hard Brexit will screw this a whole lot more.

    They frighten people by saying the Labour want to take us back to the 1970s whilst they are taking us back to 16th C social economics with the super-rich now 3x richer than they were in the 1970s and the gap between rich and poor as big as during the industrial revolution.

    And whilst all this is happening, the transparency and accountability of all public bodies has disappeared – my own extensive efforts to get transparency and accountability on various decisions have proven to me that this is now impossible to achieve – and democracy is now effectively almost non-existent.

    They fix the party political funding, allowing their super-rich sponsors to provide huge donations to their publicity machine, allowing them to pay for massive advertising and targeted social media lies whilst at the same time limiting the ability for unions to fund Labour in a similar way.

    All of which allows them to lie and cheat their way in elections and referendums in order to keep themselves in power.

    To use an NHS analogy, if democracy is not completely dead yet, it is terminally ill and lying undiagnosed on a trolley in the corridor.

    Like

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