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UK government needs a nuclear plan B, says Tim Yeo UK government needs a nuclear plan B, says Tim Yeo
(35 minutes later)
Ministers need to talk to the Chinese about fast-tracking their own planned reactor project at Bradwell in Essex because the future of the £18bn Hinkley project is so uncertain, according to a leading pro-nuclear campaigner. Ministers need to talk to the Chinese about fast-tracking the planned reactor at Bradwell in Essex because the future of the £18bn Hinkley Point project is so uncertain, according to a leading pro-nuclear campaigner.
Tim Yeo, a former chairman of the parliamentary energy and climate change committee, said the government should also consider whether the Russian state operator Rosatom or the British state could build new atomic plants. Tim Yeo, a former chair of the energy and climate change committee, said the government should also consider whether the Russian state operator, Rosatom, or the British state could build new atomic plants.
The Hinkley project in Somerset has been hit by a series of delays with developer, EDF, recently postponing a final investment decision till September. The Hinkley project in Somerset has been hit by a series of delays, with its developer, EDF, recently postponing a final investment decision until September.
Yeo said that continuing opposition from EDF unions to spending huge sums of money in Britain, and political uncertainty caused by French elections next spring, could put back even the latest Hinkley timetable. Yeo said continuing opposition from EDF unions to spending huge sums of money in Britain and political uncertainty ahead of the French elections next spring could hold up the project further.
“There is a risk of further delays at Hinkley and because of that DECC (the Department of Energy and Climate Change) should have a plan B. “There is a risk of further delays at Hinkley and, because of that, Decc (the Department of Energy and Climate Change) should have a plan B.
“If we found for another two to three years had passed before progress had been made (at Hinkley) it would have an impact on our ability to meet carbon targets and on our energy security,” said Yeo, who is the chairman of the pressure group, New Nuclear Watch Europe. “If another two to three years had passed before progress had been made [at Hinkley], it would have an impact on our ability to meet carbon targets and on our energy security,” said Yeo, who is the chairman of pressure group New Nuclear Watch Europe.
Yeo, who stood down as an MP last year, said the government needed to see whether it was possible to speed up other nuclear projects in the pipeline such as China’s Bradwell scheme and others such as the Horizon consortium project at Wylfa in Anglesey. Yeo, who was deselected as an MP at the 2015 general election, said the government needed to see whether it was possible to speed up other nuclear projects in the pipeline, such as China’s Bradwell scheme and the Horizon consortium project at Wylfa on Anglesey.
The former Conservative MP suggested talks could take place with the Korean industry, which is building in the United Arab Emirates, and the Russian state operator Rosatom, which is constructing a new plant in Finland and has new, proven reactor technology up and running in its home country. The former Conservative MP suggested that talks could take place with the Korean industry, which is building in the United Arab Emirates, and Rosatom, which is constructing a new plant in Finland and has new, proven reactor technology up and running in Russia.
Yeo acknowledged that trade unions and others have expressed concern about the plan by China General Nuclear Power Corporation (CGN) to use its own reactor technology at Bradwell. Yeo acknowledged that unions and others have expressed concern about the plan by China General Nuclear Power Corporation (CGN) to use its own reactor technology at Bradwell.
CGN’s involvement at Hinkley with EDF has been relatively uncontroversial because that scheme would use a European pressurised water reactor (EPR). CGN’s involvement with EDF at Hinkley has been less controversial because the scheme is to use a European pressurised water reactor (EPR).
Yeo said that the Russian political situation mades it harder for the UK government but Russian nuclear sources have previously said Rosatom would like to talk. Yeo said the Russian political situation made it harder for the UK government, but Russian nuclear sources have previously said Rosatom would like to talk.
In 2014, a senior Department of Energy and Climate Change (DECC) official confirmed that there had been serious contact between the two sides. In 2014, a senior Decc official confirmed that there had been serious contact between the two sides.
Yeo said that the use of Russian or Chinese reactor technology – if agreed after a generic design assessment by nuclear safety authorities here – might be more acceptable to the public if it was built by a UK-based consortium. Yeo said the use of Russian or Chinese reactor technology, if agreed following a generic design assessment by British nuclear safety authorities, might be more acceptable to the public if it were built by a UK-based consortium.
“The Great British public is cautious and the unions sceptical of China but if there was a UK/EU (European Union) -based group involving say Rolls Royce it might reduce concern about where the technology came from.” “The Great British public is cautious and the unions sceptical of China, but if there was a UK/EU-based group involving say, Rolls Royce, it might reduce concern about where the technology came from,” he said.
The pro-nuclear campaigner said the total cost of any new reactor to energy bill payers could be reduced if the UK government became directly involved as some City analysts have claimed. The pro-nuclear campaigner said the total cost of any new reactor to energy billpayers could be reduced if the British government became directly involved, as some City analysts have claimed.
“Nuclear projects involve huge upfront costs. If you can shave off 1% from the cost of capital that will go straight through to the cost of energy. The UK government has one of the best credit ratings in the world. There is an opportunity there despite the Treasury’s almost Jesuitical opposition to (increasing public) borrowing.” “Nuclear projects involve huge upfront costs. If you can shave off 1% from the cost of capital, that will go straight through to the cost of energy,” Yeo said. “The UK government has one of the best credit ratings in the world. There is an opportunity there, despite the Treasury’s almost Jesuitical opposition to borrowing.”
Yeo said the Korean nuclear developer, Kepco, has built a range of reactors on time and on budget. It signed a contract in the United Arab Emirates in 2010 and will deliver it on time next year: “What have we done (in the UK) over those seven years apart from talk.” Yeo said the Korean nuclear developer Kepco had built a range of reactors on time and on budget. It signed a contract in the UAE in 2010 and will deliver it on time next year. “What have we done (in the UK) over those seven years apart from talk?” he asked.