Hinkley Point is a bad deal for Britain. Investment should focus on renewable and strategic nuclear projects, as well as smarter use of energy.
Cynics might think the green light for Hinkley Point C, a new nuclear power station partly financed by China, has something to do with Mrs May being forced to sit on the naughty step at the G20 summit in China. After numerous delays, and a pause in the approval of the project in July, construction of the project was finally given the all clear on September 15th. Concerns that circulated around British security in stake in what it considers ‘critical infrastructure’, lead to new safeguards on the project being constructed by Électricité de France (EDF), a French state-owned firm, (using £6 billion in Chinese money). Britain now has a share in all future nuclear projects, and a promise to change it’s approach to control of critical infrastructure. EDF also cannot pull out of the project before completion without British consent. In doing this, Mrs May has likely eased tensions with China – a cash pot of future investments – and France; who she needs to appease to make looming Brexit negotiations easier. Continue reading