UPDATE 2-EU regulators say will approve British EDF nuclear project

[bananas]

Source: Reuters

European Union state aid regulators will clear Britain's plan to build a 16 billion-pound ($26.15 billion) nuclear plant with French utility EDF, a European Commission official said on Monday.

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But Britain's plans for financing it are extremely divisive within the European Union. A group of more than 20 academics, politicians and renewable energy officials has written to the Commission warning it is likely face legal action for rushing through the decision.

Britain wants to offer EDF a guaranteed power price of 92.50 pounds ($151.27) per megawatt-hour for 35 years, more than twice the current market rate.

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European Competition Commissioner Almunia is scheduled to leave office by the end of October. Colombani did not provide details of the conditions attached to the EU approval.

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Read more: http://www.reuters.com/article/2014/09/22/eu-britain-edf-nuclear-idUSL6N0RN4AY20140922

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You just can't trust the nuclear industry.
They said there would be no subsidies, now there are massive subsidies.
There's something seriously wrong with how this approval was pushed through.

[bananas]

1. South West Green MEP Molly Scott Cato "shocked and disturbed" EU is set to approve £billions of publ

http://www.westerndailypress.co.uk/South-West-Green-MEP-Molly-Scott-Cato-shocked/story-22966873-detail/story.html

South West Green MEP Molly Scott Cato "shocked and disturbed" EU is set to approve £billions of public funding for Hinkley C

By Western Daily Press | Posted: September 23, 2014

Green MEP for the South West, Molly Scott Cato, has reacted with fury to the news that the EU is set to approve billions of pounds of public funding for Hinkley C, the UK’s first new nuclear power plant in a generation. Today she met Mr Joaquín Almunia, the European Commissioner in charge of state aid to hand him a letter, sating how ‘shocked and disturbed’ she is that concerns raised over the deal have been ignored.

For several months, the EU has been investigating whether the Hinkley C deal is in breach of EU competition and state aid rules. Greens have always maintained that the contract with EDF, offering a strike price for its electricity of £92.50 per MWh – roughly twice the current wholesale price of power – as well as state credit guarantee of £10bn, are illegal state aids which breach European market rules.

Responding to the news, Molly Scott Cato said: “A decision like this demonstrates why so many British people are sceptical about the EU. The rules on fair competition are perfectly clear but can apparently be ignored when there is a political deal to be made. Agreeing such a huge implicit subsidy for Hinkley will make it impossible for those who generate electricity in a clean and sustainable way to compete. It will destroy thousands of potential jobs in the renewables sector and set back South West innovation in the energies of the future.”

In the letter handed to Mr Almunia today, Dr Scott Cato demands a full justification for the decision to approve the deal and calls for the Commission to make public the full evidence on which the judgment was based. She urges constituents in the South West to write to Mr Almunia to express their shock and disappointment, asking him to think again.

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[Lenomsky]

2. Oh super ..

Wonder how many LED bulbs and tubes could be given away free (or cost price) to businesses with 16 Billion!?

I guess in 50 odd years the tax payer will foot the bill to de-commission.

[bananas]

3. "if Hinkley does not go ahead it will destroy investor confidence"

The UK argues that the project would not take place without the subsidies and fears that if Hinkley does not go ahead it will destroy investor confidence, resulting in “a complete lack of investment in new nuclear plants”.

http://www.telegraph.co.uk/finance/newsbysector/energy/11113445/UK-strikes-deal-with-EU-over-Hinkley-Point-nuclear-plant.html

Investor confidence is already destroyed - that's why investors have pulled out of these scams.

There shouldn't be any new nuclear plants, because they make no sense at all.

The nuclear industry has corrupted the political process to receive even more subsidies.

And as the inevitable cost overruns occur, they will scam even more money out of the public, to throw good money after bad.

[Union Scribe]

4. Good.

Zero site emission base-load power.