This chart from Bloomberg Energy is devastating. For the same budget as Hinkley we could get 20 gigawatts more electricity from gas, or the same for a fraction of the cost. Even solar would produce more energy at that price. Though with green renewable sources the capacity has to be discounted to reflect how much of the time the wind doesn’t blow and the sun doesn’t shine. Even so, that renewables are anywhere near competitive in cost terms means this has to be looked at by Phil Hammond with his calculator. George Osborne looked at it in political terms – the Chinese and the French will no doubt create some geo-political problems if May cancels the deal. The dash for gas makes far more sense…
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