News October 2015

31 October 2015

Hinkley

A number of multimillion-pound contracts on the £18bn Hinkley Point C nuclear power plant are being renegotiated, Building understands. EDF said last week it will make a final investment decision on the power plant in Somerset “within weeks”, after it secured £6bn of investment from China General Nuclear Corporation (CGN). The French energy giant also announced it had agreed final terms on five major contracts with suppliers. However, sources have told Building that while a final investment decision is now …

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30 October 2015

Hinkley

Details of the costs of Hinkley to consumers – an average of about £150 to £660 per customer over the 35 years of the deal – are exposed in a document quietly put before parliament last week and which has only just come to light. It also reveals that taxpayers would have to pay up to £22bn compensation to the owners, French energy giant EDF and the Chinese government, if the UK government or the European Union do something that …

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29 October 2015

Bradwell

CAMPAIGNERS claim Bradwell is being treated as a guinea pig for potentially-dangerous Chinese nuclear testing, after a new power station deal was agreed.

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28 October 2015

Hinkley

EDF’s apparent obsession with continuing with the increasingly financially toxic European Pressurised Reactor (EPR) programme by building another two units at Hinkley C could spell doom for EDF. Further drastic losses on Hinkley C similar to the mounting losses accrued by AREVA and EDF on the EPRs being built in Finland (Olikuoto) and France (Flamanville) might lead to what hitherto has seemed also unthinkable – the break up of EDF. At least a major sell-off of assets seems almost certain …

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27 October 2015

Chinese Deal

The Tories are paying the Chinese billions to avoid democratising the energy industry. Britain’s energy deal with China is remarkable. It will see us stump up some £18 billion on a “flagship project of cooperation”, commit to a new generation of nuclear power plants and make us dependant on a major power whose politics and strategic interests are a world away from our own. We are investing in the potentially ruinous white elephant of Hinkley Point and simultaneously slashing …

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26 October 2015

Hinkley

The UK Government “is on the wrong side of history” as it is supporting nuclear and cutting subsidies for green energy. Frans Van Den Heuvel, CEO of Solarcentury told ELN subsidising nuclear power will lead to increased energy bills for consumers. The company claims the government’s proposed £7 million budget for solar is equivalent to subsidising Hinkley Point for just two days. Mr Heuvel said: “It’s unbelievable, isn’t it? We know already from the Contracts for Difference… that the offers …

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25 October 2015

Hinkley

So they went ahead and did it – British Prime Minister David Cameron looked like the cat that got the cream this week as his Conservative government finally pushed through the deal for the controversial Hinkley Point C nuclear power plant in England’s southwest. The government needs to explain why it is drastically cutting support for solar energy while offering double the subsidy to Hinkley. It also needs to explain why it is championing overseas state-backed utilities over British solar …

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24 October 2015

Hinkley

The only successful thing about the Hinkley C project is the management of the news to imply that there has been progress in the project. In fact there has been absolutely no progress, certainly not in the financial terms, and in many ways things have got worse. That is compared to two years ago when the UK Government’s much criticised terms, for paying EDF £94 per MWh (2015 prices) for 35 years underpinned by a 60 per cent loan guarantee …

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23 October 2015

Hinkley

The Stop Hinkley Campaign today declared the campaign against the proposals to build a new nuclear station at Hinkley Point C as far from over. All national newspapers have expressed disquiet about these proposals, and today one described the deal with China as “sheer folly”. Stop Hinkley spokesperson Roy Pumfrey said “there is still every possibility that this reckless plan will be defeated. This will be the eighth time that EDF Energy has announced that a final investment decision is …

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22 October 2015

Hinkley

The announcement that some form of funding structure for Britain’s nuclear new build at Hinkley Point in Somerset has been agreed must be read with care. UK consumers and taxpayers are not allowed to see the whole agreement – that privilege is restricted to the French and Chinese governments and their state-owned enterprises – but it is clear that this week’s statements do not amount to the final deal. Much remains to be negotiated, with the UK at a considerable …

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