Hinkey Point is Britain’s worst deal ever and here’s why. First off, the new nuclear reactor will cost British taxpayers, £20.3bn, that’s twice as much as the 2012 Olympics. Secondly, by the time the project’s expensive construction is completed, nuclear power might be out-dated technology. In short, this deal will not end well for Britain. So why did the Tories choose this deal?
Hinkley Point C is the worst deal ever
Hinkley Point C will be the most expensive power station in the world after completion. It sits on 430 acres and is the biggest building site in Europe. The project has been in the works since 1995. Back then, the Hinkley Point project was very controversial and faced relentless opposition from politicians, academics, and economists. In 1996, the company that owned the Hinkley Point plant, British Energy, was in dire financial problems and needed a Government bailout to the tune of £3bn. Ultimately, the company folded and Hinkley Point was abandoned. Now the Tories wants to rehash those bad memories for the British people by starting back the same failed project.
If you felt that news was bad, wait until you read this. Some critics claim that along with the hefty price tag the project would also go far over budget. To top it off, some experts believe it could actually prove impossible to build. One expert, Paul Dorfman, from the UCL Energy Institute, explained that France and Finland did this before with devastating results. Another huge problem experts note will be the cost. Presently, the estimated projected cost of the project is £20.3bn. If that’s sound like a lot of money then imagine a scenario where the cost skyrocket due to overspending. So it could end up costing a lot more than it was originally planned to cost. So how is all this going to be paid for? Well, the British government has entered into a complex financial agreement with Electricite de France (EDF), the energy giant that is 83% owned by the French government, and China General Nuclear Power Group (CGN), a state-run Chinese energy company. This will be horrid for British energy consumers, who will most likely have to shell out billions for the next 35 years. Also, the bill could eventually go over to the next generation (our Grandkids). So British pensioners in the years 2060-2065 might still be paying for the advancement of the nuclear industry in France. What?? That’s bollocks!!
Nuclear energy soon will be obsolete
The biggest problem of all of the project is the fact that by the time Hinkley Point C is completed Nuclear power might be a thing of the past. The world is already plagued with existing problems facing this industry and its high cost. On the other hand, renewable energy is growing in popularity and poses less danger to the environment. According to the Tom Burke, former environmental policy adviser to BP and visiting a professor at both Imperial and University Colleges, “Nuclear simply doesn’t make sense anymore.”
Watch this: UK’s controversial Hinkley Point nuclear plant reportedly over budget
So what do you think?
Should the British Government go through with this bad deal? Tell us in the comments.