Letter David Lowry: I read with incredulity the claims of Horizon nuclear chief Duncan Hawthorne that his company, which is really a Japanese shell company with no products, could build nuclear plants offering power at half the currently projected cost from the Hinkley Point C plant being built. Making these outlandish claims on the anniversary of the disaster at the Fukushima Daiichi reactors in Japan on March 11, 2011 — costs $250bn (£200bn) and rising — suggests Horizon has not learnt the full lessons of that. The regulated asset base (RAB) financing mechanism Horizon advocates transfers all financial investment risk to electricity customers before a single unit is delivered to a home, allowing the foreign nuclear company to build plants without having to pay attention to keeping costs under control. This is an extraordinarily one-sided proposal. Surely even this nuclear-friendly government cannot fall for it.
Times 15th March 2020 read more »