Labour Basing Energy Policy on Bust Company Currently Suing French Government

Sir Keir has just announced Labour’s plan to create a taxpayer-funded “Great British Energy” company. Already they’re briefing out how they aim to see it eventually grow to the size of France’s EDF. According to Beth Rigby, a Labour source claims

“The hope is it will eventually be an EDF… When oil & gas discovered in North Sea it thru private companies & Tories spend profits on tax cuts. Norway set up a sovereign wealth find for oil & gas. This a new generation of energy & we want Brits to take a cut… [The Tories’] plan fails to account for need to deliver clean power. We have a fossils fuel crisis and they double down. Renewables are 9x cheaper & investing in them the way to get proper energy independence & lower bills”

Someone needs to remind Sir Keir that EDF are currently suing the French government – i.e. French taxpayers – for the small sum of €8.4 billion for being forced to sell their energy at a loss. EDF predict the total losses for the year could reach as high as €15 billion, which will have to be picked up by taxpayers because EDF is being nationalised. Meanwhile over in the US, back in 2009 a solar cell company called Solyndra took in $535 million courtesy of the taxpayer, only to later collapse. It should not be the job of government – using your money – to keep throwing money into green schemes, hoping to back a winner… 

Hat-tip: Matthew Lesh

mdi-timer 27 September 2022 @ 15:33 27 Sep 2022 @ 15:33 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
US Nuclear Power Station Took 43 Years to Finish

hinckley

As news breaks that the new nuclear power station at Hinkley Point could cost an additional £3 billion, a smaller story from the US serves as a stark warning of the risks when building new plants.

Watts Bar nuclear power plant’s second reactor is scheduled to finally go into operation this summer. This project has taken 43 years, with shifting regulations, unsure demand and spiralling costs all helping to create a stop-start pantomime.

There has been criticism about the decision to build an EPR reactor at Hinkley Point, seen as overly expensive and previously dogged by severe delays – Finland cancelled their new EPR reactor last year after the project had gone over budget and schedule, France saw the cost of one such project nearly treble, and China is facing significant delays on the construction of its own EPRs. In fact, since the first order was placed in 2003, not one of French company Areva’s EPR plants have been completed: of the three EPR reactor projects signed up to so far, one is delayed, one is delayed and over budget, and the other is cancelled. These are the reactors Britain will likely be lumbered with…

News of these delays, and the lessons from America, should be of concern to DECC. Having already signed up to the most generous nuclear subsidy package in history, there is a real danger that Hinkley Point C becomes a mega-watt white elephant. French company EDF has refused to sign on the dotted line until summer. There is still time for a strategic re-think…

mdi-timer 12 May 2016 @ 15:23 12 May 2016 @ 15:23 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments
Ed Davey Defends EDF Deal

Ed Davey’s worst ever Hinkley Point C deal, which will allow owners EDF to charge treble the current market rate for 35 years, was featured on the Today Programme this morning. The BBC failed to mention at any point before, during, or after Davey’s interview that he is now working for EDF’s lobbying firm, MHP. Davey spoke for three minutes defending his deal with EDF, and did not once think to mention his new role as a ‘strategic adviser at MHP to the energy sector’.

Davey claims the agreement was made with “the best available advice”:

“… the truth is, if you look at deals like this, which are over 60 years of generating, you don’t know sitting here today exactly what the value’s going to be, because you’d have to know the price of carbon, the prices of gases and things, in 20, 30, 40 years time – I’m not a clairvoyant, I’m not God.”

You do work for a firm that lobbies on behalf of EDF though…

mdi-timer 9 March 2016 @ 13:17 9 Mar 2016 @ 13:17 mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-comment View Comments