A construction worker stands inside a welded steel dome that will be lifted and placed on top of the nuclear island, which houses the reactor, at Hinkley Point C nuclear power plant
(Picture: PA Archive)Is that it? That verdict, from Martin Young at Investec, is a fair summary of the reaction from the power industry to yesterday’s Energy Security Strategy.
“Missed opportunity” is the phrase that cropped up again and again.
To give the government its due, there is clear long-term ambition on nuclear, wind and solar. But even Kwasi Kwarteng admits all this will take four years to have any impact on sky-high bills. The boss of Eon UK thinks we’re unlikely to see any benefit until at least the next decade.
The government’s proposals do little to address today’s issues and could make things worse in the short-term.
Recent reforms in the way we pay for nuclear power leaves bill payers on the hook for new power plants long before they start generating any power.
The nuclear industry has a rich history of cost overruns and delays. The government’s promise to build “one reactor a year instead of one a decade” sounds like less a boast than a threat.
Gareth Miller, boss of energy consultancy Cornwall Insights, says the costs of the new plans are “yet to be fully exposed and cannot be adequately unpacked”. That’s the best you could say about them.
What more could the government have done to help families and businesses struggling today? The obvious oversight is energy efficiency.
Britain has the oldest housing stock in Europe and it badly needs upgrading to help reduce energy demand. Current schemes favour only those who already have cash to do up their properties.
We need more help for those on low incomes stuck in poor quality housing. It’s not just about helping those worse off, it’s a matter of security.
