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If Britain achieves net zero carbon
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emissions and gets energy to be cheaper,
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Labour's Ed Milliband will be taking all
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the credit. Why size will see otherwise
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Britain's biggest nuclear project in the
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generation has been given the green
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light but at an eyewatering price.
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Miband who is the energy secretary has
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said the cost of size will see will be
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38 billion and that is nearly double its
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previous estimate which showed its cost
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to be 20 billion. Chancellor Rachel
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Reeves has already said that the
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government would spend 14 billion pounds
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on the project. It will also be funded
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by levies on electricity bills over the
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coming years. But the UK government is
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set to be joined by a host of other
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companies which hope to get their own
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earnings from the project. The
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government will have a near 45% stake
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while British gas owner Centrica will
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take up 15%. Canadian investment firm
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Less and French state-owned company EDF
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Energy are also backing the project with
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sizable stakes. Muliban said it was
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finally time to do big things and build
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big projects in this country. He hopes
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the nuclear plant can provide cheaper
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energy to some 6 million Brits and over
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3,000 companies while emitting no
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carbon. Sizel C is also set to create
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10,000 jobs with the majority of
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construction investment to be put in the
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UK. While they are ambitious plans,
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these kinds of projects have faced
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significant delays in the past. HS2, the
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high-speed railway, which was initially
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supposed to connect Manchester to
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London, has seen its costs spiral out of
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control, and delays undermine the UK's
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economic potential. Hidden costs keep
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emerging with City AM revealing that
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taxpayers would have to front an extra 4
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billion pounds for HS2 delays. Its boss
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Mark Wild has also recently said
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contracts were running to more than
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double their original price tag.
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Department for energy security and net
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zero and officials behind size will see
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have promised to execute this project
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differently and ideally more
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effectively. The government believes
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upon its completion it could save the
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UK2 billion a year. Critics have said
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that taxpayers would have to foot the
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enormous bill with its building set to
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take at least a decade. When the tax
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burden is nearing record highs, soaring
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electricity bills are making the UK less
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competitive and UK economic growth is so
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low in no small part due to the lack of
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investment in big projects, the
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government is under intense pressure to
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deliver on size. In other words, Ed
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Milliban's wishes depend on a lot of
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things going right when history suggests
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they usually go wrong. So don't be
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surprised if costs keep rising. For more
2:37
news on nuclear energy, head over to
