5 Aug 2012

More on nuclear: even industry says it can't be defended financially

Oldbury viewed from Randwick
Jeff Immelt, General Electric chief executive, told the Financial Times that nuclear power was “really hard” to defend financially, and most countries were moving to a mix of gas and renewable energy. Many of us have been saying this for a long time but now even the industry is saying it; the costs of renewables keeps coming down while nuclear overruns budgets and is increasing in costs - and still no answers - see my letter a wee while ago to press.

I can only conclude that Samer Salty, chief executive of Zouk Capital, a London private equity investor, is right when he says: "In the end it’s going to be a combination of gas, wind and solar." Sadly our government still doesn't seem to recognise the obvious and is looking at ways to further subsidise nuclear.

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