Your first thought when you saw the headline was ISIS, wasn't it?
"UK cleared to subsidize $39b nuclear plant" by Juergen Baetz | Associated Press October 09, 2014
BRUSSELS — The European Union has approved Britain’s bid to heavily subsidize a new nuclear power plant, overriding opposition from environmentalists and questions over the project’s $39 billion price tag.
In the age of imposed austerity in England.
The EU’s executive commission said Wednesday it found the subsidies for construction and operation of the Hinkley Point plant won’t distort fair competition.
Britain will guarantee all of the loans for the project’s construction, and grant the plant’s operators a fixed above-market electricity price — roughly double the current wholesale price — for 35 years to ensure their investment will break even.
To gain EU approval, Britain agreed to change some terms, including raising the price for the loan guarantees, which should save British taxpayers $1.6 billion, the commission said.
Yeah, somehow taxpayers always make out when governments borrow money at interest from private central banks.
The project is to be carried out by France’s EDF utility and a group of Chinese investors who estimate the construction costs to be $25.9 billion. However, the EU commission says it will cost $39.6 billion plus another $16 billion for operational costs such as waste management.
When asked about the price difference, EU competition commissioner Joaquin Almunia told reporters his service has worked with these numbers in its exchanges with British authorities for a year, and he had no explanation for the lower figures. Queries to EDF remained unanswered.
I do.
The EU decision was controversial as the 28-nation bloc seeks to switch its electricity supply to renewable sources like wind and solar energy. But securing approval for the two Hinkley Point reactors was a top priority for the British government as older plants will go offline in coming years. British Treasury chief George Osborne hailed the EU decision as ‘‘excellent news.’’
Telling you that all the concern for the environment and climate change fart-mi$t coming from them is all bull$hit.
Environmental groups were furious.
‘‘This is a world record sell-out to the nuclear industry at the expense of taxpayers and the environment,’’ said Andrea Carta, a legal adviser for Greenpeace EU. ‘‘There is absolutely no legal, moral, or environmental justification in turning taxes into guaranteed profits for a nuclear power company whose only legacy will be a pile of radioactive waste,’’ she added.
That's the way our $y$tem works, and don't dump that stuff into the sea like Japan.
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Fukushima didn't teach them a damn thing, huh?
Related: Chinese To Build British Nuclear Power Plant
They are also fracking on the island. Bad move.
