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Nuclear projects being abandoned because of "huge cost and decades-long payback times"
Energy companies blame abandonment of nuclear plans on lack of cash
guardian.co.uk
Investing billions in new nuclear power stations would have forced a credit-rating downgrade on energy giant RWE, the company's chief executive has revealed. The head of another big six energy company, E.ON, blamed the abandonment of its nuclear plans on a lack of "financial firepower".
Tuesday's developments are the latest to demonstrate that the huge cost and decades-long payback times of new nuclear power stations are making them difficult to fund in the current economic crisis. RWE and E.ON cancelled their joint plan to build new reactors in March, while nuclear giant EDF has delayed work at its site at Hinkley and EDF's nuclear partner Centrica says the case for nuclear investment is "unproven".
guardian.co.uk
Investing billions in new nuclear power stations would have forced a credit-rating downgrade on energy giant RWE, the company's chief executive has revealed. The head of another big six energy company, E.ON, blamed the abandonment of its nuclear plans on a lack of "financial firepower".
Tuesday's developments are the latest to demonstrate that the huge cost and decades-long payback times of new nuclear power stations are making them difficult to fund in the current economic crisis. RWE and E.ON cancelled their joint plan to build new reactors in March, while nuclear giant EDF has delayed work at its site at Hinkley and EDF's nuclear partner Centrica says the case for nuclear investment is "unproven".
Then look at the Perspective of Denial embraced by the Government as articulated by Energy Minister Charles Hendry:
"We believe nuclear should be the lowest-cost, large-scale energy source, and the price will reflect that."
Hendry told MPs that at least £100bn was needed to build replacements for the many old coal, gas and nuclear plants that will close in the next few years. He said the government's forthcoming energy bill aimed to ensure energy security, while meeting greenhouse gas emissions and getting the best deal for the consumer. Being exposed to events in other countries, such as the nuclear disaster at Fukushima and the election of nuclear-power-sceptic François Hollande in France, was "inevitable", said Hendry. "If we want to see nuclear power as part of the energy mix, that's a challenge we have to take on."
Hendry told MPs that at least £100bn was needed to build replacements for the many old coal, gas and nuclear plants that will close in the next few years. He said the government's forthcoming energy bill aimed to ensure energy security, while meeting greenhouse gas emissions and getting the best deal for the consumer. Being exposed to events in other countries, such as the nuclear disaster at Fukushima and the election of nuclear-power-sceptic François Hollande in France, was "inevitable", said Hendry. "If we want to see nuclear power as part of the energy mix, that's a challenge we have to take on."
http://www.guardian.co.uk/environment/2012/may/15/energy-companies-abandonment-nuclear-plans
Evidence be damned, "We believe nuclear should be the lowest-cost, large-scale energy source, and the price will reflect that."
No matter what they have to do to rig the numbers...