The Government’s recent energy policy re-set shows it plans to rely mostly on imported and fracked gas and nuclear power for UK energy supplies, (1) just as Scientific American publishes a study showing we could use renewables for all our energy needs by 2050. (2)
Meanwhile, the Hinkley Point C project looks more and more financially toxic. Now even the association of employee-shareholders says it could spell doom for EDF as a company. (3) Mounting losses accrued by AREVA and EDF on the EPRs being built elsewhere have already put the future of the company in jeopardy. Investment bank Investec, Moody’s and Standard and Poor have all advised clients to sell shares in EDF. (4)
Secretary of State for Energy and Climate Change Amber Rudd has been busy slashing support for renewables since she came to office because she says she is concerned about energy bills. And yet she has attacked two of the lowest cost energy sources (wind and solar) just as they are making progress towards being competitive with gas, whilst subsidising one of the most expensive sources of electricity – nuclear power. Britain could have six times the power-generation capacity for the same money by investing in wind turbines instead of Hinkley Point C according to Bloomberg New Energy Finance (NEF). (5) And the Solar Trade Association has shown that solar PV could provide the same amount of electricity for half the subsidy cost of Hinkley Point C. (6) The future for solar and wind in the rest of the world looks bright and now the Lazard investment bank is predicting the cost of energy storage will be competitive in five year’s time. (7)
While innovation and enterprise bloom in the renewables industry Stop Hinkley Spokesperson Roy Pumfrey says: “The Government, on the other hand, seems to have invented special glasses to help it look backwards.”
Environmentalist and Writer, Jonathon Porritt, campaigner, author and Founder Director of Forum for the Future, and now a Patron of the Stop Hinkley Campaign, says:
“The Government’s ‘energy trilemma’ – tackling climate change at the same time as providing energy that is affordable and secure – can be solved primarily with renewables and energy efficiency but it seems determined to ignore the answer staring us in the face. Instead of making a risky 35-year bet on the most expensive electricity power generation station ever proposed, it should be supporting the creation of a world-leading renewables industry that already has widespread public support.”
In the run-up to the Paris Climate Talks at the end of this week, South West Green MEP, Dr Scott Cato, and also a new Stop Hinkley Campaign Patron says:
“We need to see a transformation to the way our economy works and we need to see it quickly. 100% renewable energy by 2050 is possible, and the report I commissioned on the South-west region demonstrated just that. (8) This transformation could create 122,000 new quality jobs in the process and add £14bn to the regional economy. Yet this Government seems to be doing everything it can to kill off any chance of achieving this.”
1. Amber Rudd’s speech on a new direction for UK energy policy 18th November 2015
2. 139 Countries Could Get All of their Power from Renewable Sources Scientific American 19th Nov 2015 Plan for the UK
3. Telegraph 12th November 2015
4. Dave Toke’s Blog 27th October 2015
5. Bloomberg 21st Oct 2015
6. Politics 20th Oct 2015
7. FT 17th November 2015
8. See Molly Scott Cato’s website
