Press Release: Reaction to Latest Offshore Wind CfD Price

Press Release

Reaction to Latest Offshore Wind CfD Price

Commenting on the outcome of the CfD auction, Tim Yeo, Chairman of New Nuclear Watch Europe (NNWE), said: “Whereas the falling cost of renewables is to be welcomed, it must be remembered that a diverse energy mix in terms of technologies is critical to delivering security of supply. Not only does nuclear contribute significantly to security of supply, but it is low carbon and affordable. NNWE has always argued that renewables and nuclear complement each other and both are needed.

“The CfD strike price for Hinkley Point has wrongly become synonymous with the cost of nuclear, however, rarely is it mentioned that there are tried and tested nuclear technologies coming onstream elsewhere at a fraction of the agreed Hinkley price.

“Once again, NNWE urges government to give consumers the best possible deal, which means Britain needs to look beyond Europe to overseas vendors from countries such as China, Russia and South Korea. These countries have developed nuclear technologies which can generate electricity at close to half the price of Hinkley, which is lower than the latest CfD auction price for offshore wind. 

“In July, a YouGov survey for NNWE revealed that people are supportive of using overseas nuclear technology as long as the development is UK-EU led. A debate about the terms on which the use of technology developed outside Europe is acceptable for new nuclear plant is urgently needed”.

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