NIA comment on NAO Hinkley Point C report
Tom Greatrex, Chief Executive of the Nuclear Industry Association has commented on the National Audit office report on the Government's decision on Hinkley Point C.
Today's report confirms that Hinkley Point C is competitive with other low carbon projects and recognises that nuclear has both a part to play in the lowest cost decarbonisation of our power supply, and that alternatives would cost more.
While, as with other technologies, follow on projects will cost less, the NAO analysis of the strike price also highlights that using a different financing structure could have resulted in a lower strike price. That is something Government should reflect on as other new nuclear projects advance.
With two thirds of the UK's currently despatchable generation capacity due to retire by 2030, including all but one of the current nuclear fleet, that reliable, secure and always available power needs to be replaced in a way which minimises exposure to the volatility of fossil fuel prices, and is consistent with our domestic and international commitments on emissions.
Not only will new nuclear help secure the UK's energy future needs, but will lead to substantial industrial and employment benefits - including considerable opportunities for the UK nuclear supply chain and a boost for UK manufacturing and construction at a time when the economy faces significant challenges.
