Last August we said that Boris Johnson had to decide whether to reverse Theresa May’s craven willingness to throw more money at EDF to build a second nuclear power station at Sizewell. We suggested an early test of his resolve would be whether he gratuitously renewed expiring loan guarantees offered to EDF by former chancellor George Osborne for its current newbuild nuclear project at Hinkley. The government has remained silent: So what’s happened since? Analysis by Prof Steve Thomas suggests EDF will be hard pressed to afford its share of the £11bn left of what’s needed to complete Hinkley. Affording Sizewell is quite beyond the company. Last month the French government postponed a decision on whether to build more reactors in France like Hinkley. So, lacking even French government support EDF now insists the UK pays in advance for Sizewell. Thomas calculates that EDF will be forced to claim RAB-style payments even to complete Hinkley.
Private Eye 7th Feb 2020 read more »