And yet another Local Enterprise Partnership will be subsidising yet another expensive nuclear power plant with OUR money.
“The government has confirmed it is considering putting taxpayers’ money into a project to build a new nuclear power station at Wylfa in North Wales.
It’s a decision that, if taken (and it almost certainly will be), will mark a significant U-turn in the government’s approach to procuring new nuclear power.
In 2010, the government was adamant that the UK public should never have to run the risk of lengthy and costly overruns that have become a hallmark of nuclear plant construction.
In the case of Hinkley Point C in Somerset, the government made much of the fact that come what may, the UK taxpayer would be insulated from the skyrocketing costs that the contractor, EDF, had incurred on a similar plant in France.
But there was a price to pay for that taxpayer protection: very expensive electricity.
In return for shouldering all the risk, EDF demanded a price for the electricity that Hinkley will (one day) produce that is double the current going rate.
The National Audit Office and the Public Accounts Committee were critical of that deal and there was considerable pressure to significantly reduce the cost of power from the Wylfa plant. It’s expected it will come in around £77 per unit, compared to £92.50 for Hinkley. …“