Wylfa Panic

Higher fuel bills and taxpayer bailouts to pay for Wylfa

Energy consumers could be forced to stump up for a new nuke at Wylfa under UK government plans to subsidise nuclear investors – with taxpayers picking up the cost when things go wrong.

The £12 billion scheme for a new nuclear power plant at Wylfa, Anglesey was scrapped earlier this year. Hitachi and Horizon Nuclear Power having failed to attract investors.

The Hitachi/Horizon consortium have recently announced a £1.7 billion loss.

Now the UK Government has threatened desperate plans to pay for Wylfa and other nuclear power plants. It is proposing a “Regulated Asset Base” model with energy consumers forced to pay the costs of building and the shareholders reaping the profits.

The “socialism for shareholders” subsidies would start before the project was even completed – reducing the risk to the investors and maximising dividend returns.
The Daily Post quoted Dr Doug Parr, the chief scientist at Greenpeace saying: “The nuclear industry has gone in just 10 years from saying they need no subsidies to asking bill payers to fork out for expensive power plants that don’t even exist yet and may never. This nuclear tax won’t lower energy bills – it will simply shift the liability for something going wrong from nuclear firms to consumers.”