Controversial nuclear plant project, Hinkley Point C is being backed by the government, with Chancellor George Osborne pledging a £2 billion credit guarantee towards the investment.
The plant, despite having hit plenty of obstacles including public opposition, is being backed by Chinese firms, sealing an “unprecedented” collaboration between the UK and China. The deal will reportedly set out an official agreement on the Hinkley project and will also allow China to build a prototype nuclear reactor at a site in Bradwell, Essex.
“It is another move forward for the golden relationship between Britain and China – the world’s oldest civil nuclear power and the world’s fastest growing civil nuclear power,” said Osborne of the guarantee pledge.
The project is set to provide a clean, secure and affordable source of electricity for around five million homes, saving consumers around 10% on electricity bills compared to a low-carbon mix without it. Nuclear is being lauded as affordable, reliable and low-carbon with the opportunity to phase out fossil fuels completely.
In fact, the generation from Hinkley Point C is set to avoid 10 million tonnes of carbon dioxide emissions a year, which is 600 million tonnes over its 60 year lifespan.
Amber Rudd, energy secretary agrees that nuclear power will play an important part in Britain’s energy security.
“We want low-carbon electricity and if we’re going to hit our ambitious emissions reduction targets then we have to have nuclear.”
So why is there such opposition towards nuclear and more of a preference for renewables?
Nuclear power brings with it a risk factor and the guarantees of success are mostly unproven. There are fears also that similar reactors being built in France and Finland are both late and way over budget.
Meanwhile, renewables are rapidly proving more efficient than predicted – that’s the official explanation for withdrawing subsidies – and their costs are falling.
They are however still a long way from offering a real alternative to established nuclear power.
What remains to be seen is the response the public will have to this? Will they be encouraged at the potential for sustainable, clean energy or still pushing for renewable energy? While nuclear energy hasn’t been as vehemently opposed as fracking, will public opinion change now the project has been exposed as costly and unproven? Will energy prices rise to cover development costs?
We’re not sure but the government had better be careful, as new Labour leader Jeremy Corbyn has been loudly professing his distaste for nuclear and a passion for renewables. The Tories might find their supporters jumping ship.
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