EDF Pushes for U.K. Nuclear Project Energy Experts Call 'Crazy'
Source: Bloomberg
Critics of the U.K.’s first new nuclear plant in more than 20 years, who say the project will prove bad value for millions of British consumers, could be proved right after the government asked to review the deal.
U.K. Business and Energy Secretary, Greg Clark, said the government needed to carefully consider the project before making a final decision to build the 18 billion-pound ($23.7 billion) station. That statement came just hours after the board of Electricite de France SA had decided to press on with construction.
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Renewable energy, which last year delivered a quarter of the U.K.’s power demand, could be a cheaper option, according to a report by the National Audit Office last month. Danish utility Dong Energy A/S won a contract to deliver offshore wind power in the Netherlands at 72 euros a megawatt-hour ($80) for 15 years earlier this month, a deal that may be the cheapest in the world for the technology.
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After months of delays EDF may have now rushed the decision at short notice over fears the new Prime Minister Theresa May may be seeking to ditch the project as part of a new industrial strategy, said Liebreich.
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Now that EDF has made the final investment decision, “if the U.K. cancels it, then the U.K. becomes liable for canceling the contract,” said Liebreich.
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Read more: http://www.bloomberg.com/news/articles/2016-07-29/edf-pushes-for-u-k-nuclear-project-energy-experts-call-crazy
