daleyd
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- Wrexham, North Wales
Like I said, you can choose to blame “greens/the public” if it makes you feel better.It is the NIMBY attitude mainly.
Costs have escalated so much due to a variety of factors. The last government put in a way over the top regulatory process deliberately to kill the industry. It takes 5 years in the UK to get approval. 2 years in most other countries. This is NOT about safety. Extra time does not mean extra safety.
Also all nuclear power plants now have to be safe from a 9/11 style incident. Ok fair enough. But even buildings such as admin blocks and workshops also have to comply which is just nuts.
Then you have the way they must be financed. Again in a different way to other large infrastructure schemes.
Hinkley was financed when interest rates were higher. Basically they factored in a 9% projected interest rate over it's lifespan which makes it appear so expensive. Of course interest rates haven't been that high for many a year. The reason this rate is also so high is because investors are scared of large nuclear projects in case some "greens" get into power and cancel the project.
Wind farms factor in a much lower rate of interest which appears to make them cheaper.
My accountant was on a consultation board for Hinkley. It makes far more sense when he explains it all.
The fact is they are expensive simply because they are, to complain that “people” want things built safely is of course perfectly reasonable. You mention that even admin buildings/workshops have to comply, that’s not my understanding, though of course they would generally come within the main security perimeter of the plant.
The fact that all currently operating nuclear plants “were developed by state-owned or regulated utility monopolies[158]where many of the risks associated with construction costs, operating performance, fuel price, and other factors were borne by consumers rather than suppliers.” should tell you that they are eye wateringly expensive to build initially.