NNWE Response to Industrial Strategy Commission Final Report
FOR IMMEDIATE RELEASE 2 NOVEMBER 2017
TIM YEO, CHAIRMAN OF NEW NUCLEAR WATCH EUROPE (NNWE)
NNWE URGES GOVERNMENT TO TAKE A STAKE IN NEW NUCLEAR POWER PLANT PROJECTS FOLLOWING THE INDUSTRIAL STRATEGY COMMISSION’S FINAL REPORT
“New Nuclear Watch Europe (NNWE) has long called for government to take a stake in new nuclear power plant projects in order to reduce costs.
We strongly urge the government to take forward this recommendation, outlined in the Industrial Strategy Commission’s Final Report, without delay. This should form a key pillar of the upcoming Nuclear Energy Sector Deal – part of the wider industrial strategy.
Government can borrow more cheaply than even the most creditworthy private companies, they should make available low-cost loans to big energy infrastructure developers which will cut costs for the benefit both of consumers and taxpayers and lead directly to lower electricity prices. Making these loans repayable once construction is complete would prevent them from constituting a permanent subsidy.
In June, the National Audit Office published a report into Hinkley Point C. It showed that if the government had taken a 100% stake in the project, the strike-price would have been negative £6 per-MWh. Recent international projects such as the South Korean development in the UAE, and the Rosatom new build in Hungary, have also shown that nuclear energy is both affordable and competitive against other forms of low carbon technologies.
The findings of this report are encouraging for the future of the nuclear industry and we look forward to seeing government take on the recommendations in full.”
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Notes to Editors:
- NNWE was founded at the end of 2014 to help ensure nuclear power is recognised as an important and desirable way for European governments to provide affordable, secure, low carbon energy and help to meet the long-term energy needs of their citizens.
- Membership of NNWE is open to all companies, individuals and organisations active in the nuclear industry including those involved in the supply chain. More information is available at www.newnuclearwatch.eu
- Tim Yeo is Chairman of New Nuclear Watch Europe and the University of Sheffield Industrial Advisory Board for the Energy 2050 initiative. He is a former Minister of State for the Environment, Shadow Secretary of State for Trade and Industry, and was Chair of the Environmental Audit Select Committee from 2005-2010 and then Chair of the Energy and Climate Change Select Committee from 2010-2015.