The report on the financing of the new nuclear power station at
Hinkley Point reinforces the case for public money to be
committed to future large-scale energy projects, Unite, the
country’s largest union, said today (Friday 23 June).
Unite, which has about 45,000 members in the energy sector, has
repeatedly called on the government to take a financial stake in
big infrastructure projects and not rely on the uncertainties of
the private sector.
In April, Unite called for business secretary to provide an injection of
public cash for the Moorside nuclear power station in Cumbria,
after French company ENGIE, earmarked to operate the site, pulled
out of the NuGen consortium.
Unite national officer for energy Kevin Coyne said: “The report
by the National Audit Office (NAO) on the financing of Hinkley
Point in Somerset and its future economic benefits underlines
once again the need for the government to take up ‘a golden
share’ in future energy projects.
“The commitment of government money would iron out the
uncertainty of relying on the private sector for financing and
would in the long-run be a better deal in the national interest
in terms of energy security, the taxpayers’ pocket and the price
the hard-pressed consumer has to pay for their energy.
“We welcomed French company EDF taking up the cudgels in pushing
ahead with the development and providing the finance for the
construction of the £18bn Hinkley Point plant.
“However, it is not a financial model we would wish to see for
infrastructure projects, including nuclear new build, going
forward.
“The aversion of the government in recent years in taking a
financial stake in new future infrastructure projects, such as
Moorside, has now been exposed by the NAO report.”
Hinkley Point is being built by EDF, with a stake from Chinese
state-owned investor CGN. When became prime minister last July
she pressed the ‘pause’ button on the project, but the go-ahead
was eventually given in September.
