Sizewell C shows the cost of Net Zero extremism
20 July 2022
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In the Media
Len Shackleton quoted in The Telegraph
20 July 2022
Press Release
Lifestyle Economics
15 November 2024
Commenting on the government’s approval of the Sizewell C nuclear power plant, Andy Mayer, energy analyst at free market think tank the Institute of Economic Affairs, said:
“In approving Sizewell C the UK government have ignored their own planning inspectors, the cost of living crisis and the commercial failure of EDF, to signal progress towards a climate target.
“Sizewell C utilises old nuclear technology nobody else wants to buy, will cost £24-63bn and take 14-17 years to build, by which point it will be more expensive than most renewables, other forms of nuclear, and unabated gas generation.
“The cost and risk of the project will fall entirely on UK bill and taxpayers, already facing record energy bills and the highest levels of tax since the war.
“The scheme is so bad, that the government has already agreed to take a 20 per cent stake in the project and will likely guarantee overpayment to investors to reduce the risk premium attached to EDF.
“This is a clear case of Net Zero delivering higher bills and lower security for technology no one else will buy.”
ENDS
Notes to editors
Contact: media@iea.org.uk, 07763 365520
IEA spokespeople are available for interview and further comment.
“In approving Sizewell C the UK government have ignored their own planning inspectors, the cost of living crisis and the commercial failure of EDF, to signal progress towards a climate target.
“Sizewell C utilises old nuclear technology nobody else wants to buy, will cost £24-63bn and take 14-17 years to build, by which point it will be more expensive than most renewables, other forms of nuclear, and unabated gas generation.
“The cost and risk of the project will fall entirely on UK bill and taxpayers, already facing record energy bills and the highest levels of tax since the war.
“The scheme is so bad, that the government has already agreed to take a 20 per cent stake in the project and will likely guarantee overpayment to investors to reduce the risk premium attached to EDF.
“This is a clear case of Net Zero delivering higher bills and lower security for technology no one else will buy.”
ENDS
Notes to editors
Contact: media@iea.org.uk, 07763 365520
IEA spokespeople are available for interview and further comment.
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