Every sensible investor has avoided this nuclear power plant project. Not George Osborne
Why did chancellor George Osborne have to scuttle off to China last week to round up funding for Hinkley Point, the expensive nuclear power station he wants to build in Somerset? The short answer is that every sensible investor decided long ago to give this troubled project a wide berth.
Centrica, owner of British Gas, was the most high-profile refusenik. In 2013, it decided it could no longer throw good money after bad and took a £200m write-off rather than commit to a 20% stake. Former chief executive Sam Laidlaw’s investment record at Centrica was patchy but his judgment on that occasion was impeccable. “Since our initial investment, the anticipated project costs in new nuclear have increased and the construction timetable has extended by a number of years,” he said. Since then, Hinkley’s costs have ballooned to £24bn and the timetable been stretched ever further.
Source: Guardian Environment