How much longer is the government going to suppress the cost to households of achieving net zero carbon emissions, or try to imply, as business secretary Kwasi Kwarteng recently seemed to imply on the Today programme, that it won’t cost us at all?
Even as he spoke Kwarteng was working on a new model for the funding of nuclear power stations that was unveiled yesterday in the form of the Nuclear Energy Finance Bill. The proposed legislation will impose levies on energy bills in order to subsidise the construction of new nuclear power stations. The new model of funding — called Regulated Asset Base — will replace the model by which Hinkley C is being constructed: the contracts for difference, or CfD, model which was used to entice EDF to undertake the project. The carrot is a guaranteed ‘strike’ price for electricity generated by the plant as soon as it starts generating electricity.
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