The soon to be UK Prime Minister, Andy Burnham, is being portrayed as a ‘new broom’ that could, or might, adopt better polices in all areas. Well, what about the energy sector? It’s in a mess, economically, driven by high fossil gas prices, with retail electricity prices at an all-time high, despite renewable energy doing well (65 GW so far) with its wholesale price mostly being low. It’s in a mess technologically, at risk of undermining the crucial next stage of its important renewables programme by diverting cash to support major high-cost nuclear and fossil carbon capture and storage projects. Both of these programme involve multi-billion funding. The much delayed Hinkley Point nuclear plant may end up costing £40-50bn, inflation adjusted, when it finally gets completed, probably in 2030. Its follow-on project, Sizewell C, may not do much better, despite promises about learning from Hinkley, and despite the investment risks being met by a consumer levy. ...
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