letters@prospectmagazine.co.uk
The price of power
As Simon Taylor says, the cost of the Hinkley nuclear power station is prohibitive and rising (“The folly of Hinkley,” May). However, it is not clear if any of the new nuclear options, all of which are unbuilt and untested, would be cheaper. In contrast, renewables are well established and their costs are falling. Onshore wind and photovoltaic solar projects are going ahead with strike prices—agreed levels at which power will be sold—of below £80 per megawatt hour, while a £85/MWh price has been set for offshore wind projects starting in 2026. If the Hinkley nuclear plant gets built, it will start at £92.50/MWh, or more since the price is index linked. Even adding 10 to 15 per cent for the costs of grid balancing, most renewables look a better bet, with far fewer risks. The UK’s renewable resources are arguably the best in the European Union but, offshore wind aside, we trail behind nearly every other EU country in developing them. Instead, we have focused on new nuclear. Time for a rethink?