The price that the Government will have to pay EDF for generating energy from Hinkley Point has more than doubled to £37billion, it estimates. As part of a sweetener to persuade EDF to build the nuclear power plant in Somerset, the Government promised to pay £92.50 for each megawatt hour of energy it generates –Wholesale prices have fallen since that deal – known as a contract for difference – was made, meaning it is now worse value for the Government, and for taxpayers. The Department for Energy and Climate Change yesterday estimated that based on the prices of energy in September 2015 the cost of keeping its promise to EDF would be £37billion over the life of the project.
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