Tens of billions of taxpayers’ money at risk as pressure mounts to spend billions more on new nuclear. Giant portions of public spending are now at risk of pouring down a nuclear power black hole as calls for the Government to make direct investments into new nuclear power plant intensify. Ultimately the sums at risk would be much larger than the Government’s own estimates of the cost of the Trident nuclear weapons system. Former Minister and House of Commons Energy Committee Chair Tim Yeo is the latest to call for the Government to take ‘minority’ equity shares in new nuclear m projects. There has been a flurry of such demands in the wake of the near bankruptcy of Toshiba, who spearhead the 3GW proposed plant at Moorside in Cumbria. In fact nuclear power is proving to be virtually undeliverable and ruinously expensive in western countries. Toshiba’s problems stem from the fact that they own Westinghouse who are responsible for the construction (so-far non-construction) of AP1000 reactors in South Carolina and Georgia in the USA. These plant are as costly as the failing French EPR design that is so disastrous in the cases of the Finnish and French reactors, something which is bankrupting the French nuclear industry and EDF. Despite the manifest bankruptcy of the technology, rather than question whether it is right to continue with the new nuclear programme, its supporters are in effect wanting to bet the British economy on it. If the Treasury are forced against their will to sanction ‘equity’ stakes in new nuclear reactors, the losses and., eventually, all the liabilities will fall on the UK Government.
Dave Toke’s Blog 26th Feb 2017 read more »