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« France wants a share of Angola’s economic 'miracle' | Main | Trade deal opens door to EU investors »
Friday
Nov012013

Hinkley Point: nuclear power plant gamble worries economic analysts

Liberum Capital analysts flabbergasted by UK government's deal with EDF on nuclear power station

The government's agreement to underwrite the £16bn Hinkley Point nuclear power station could prove to be "economically insane" and hugely costly to consumers, City analysts have warned.

Analysts at stockbroker Liberum Capital said the tie-up with France's EDF will make Hinkley Point the most expensive power station in the world.

"Having considered the known terms of the deal, we are flabbergasted that the UK government has committed future generations of consumers to the costs that will flow from this deal," the analysts said.

The government gave the go-ahead last week for an EDF-led consortium to build the Hinkley Point C plant in Somerset. Its two reactors will cost £8bn each and will provide enough power to supply 7% of Britain's homes for 60 years.

The energy secretary, Ed Davey, has gambled that the cost of fossil fuels will rocket by the time Hinkley Point starts operating in 2023, according to Liberum's analysts Peter Atherton and Mulu Sun in a report publishedon Wednesday.


To read this interview in full please click here.

Looks as though they are entering a period of trepidation....... 

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