Legion Troll
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HUGE NUCLEAR PLANT ON A TINY ISLAND? WHAT COULD GO WRONG?
The U.K.’s first nuclear power plant in 20 years finally got the green light on Thursday. Some wonder if it will be the most expensive object ever built.
Hinkley Point C is planned for the county of Somerset in southwest England, near two existing plants, one of which has been decommissioned.
The French energy company Electricite de France SA is to build the two new reactors along with China General Nuclear Power Corp. Expected price tag: $23.6 billion.
Hinkley Point is expected to satisfy about 7 percent of the U.K.’s power demand.
To make the project viable, the U.K. pledged to pay EDF 92.50 pounds for every megawatt-hour of electricity it produces for 35 years, more than twice the current market price.
That would give the French company an annual rate of return of 9 percent. British consumers could pay $48 billion above the market rate over the lifetime of the project.
http://www.bloomberg.com/news/articles/2016-09-15/quicktake-q-a-britain-and-france-s-24-billion-nuclear-gamble