NNWE Response to Dieter Helm’s Cost of Energy Review

PRESS RELEASE

 

FOR IMMEDIATE RELEASE                                                                                            25 OCTOBER 2017

 

TIM YEO, CHAIRMAN OF NEW NUCLEAR WATCH EUROPE (NNWE) 

RESPONSE TO DIETER HELM’S COST OF ENERGY REVIEW

 

“Prof Dieter Helm’s review is spot on in his analysis that there are ‘exciting new opportunities’ for nuclear.

We welcome his emphasis on the government not picking winners and instead using bidding processes and competitive auctions for future energy infrastructure development. This will open the UK up to advances in nuclear development in countries like China, Russia and Korea, each of whom can now build new nuclear plant capable of generating electricity at prices far below the Hinkley strike price and fully competitive with other low carbon technologies.

What he doesn’t recommend is the role of Government in potentially financing large scale electricity generating capacity. Since Government can borrow more cheaply than even the most creditworthy private companies, they should provide big energy infrastructure developers with loans which will cuts costs for the benefit both of consumers and of Britain’s competitive position and lead directly to lower electricity prices. Making these loans repayable once construction is complete would prevent them from constituting a permanent subsidy.”

 

-ENDS-

For more information, please contact:

Ed Gavaghan

T: +44 (0)7714 283858

E: contact@newnuclerwatch.eu

 

Notes to Editors:

  1. 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.
  2. 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
  3. 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.