‘A very good deal for Britain,’ is how Ed Davey described the contract with EDF and Chinese backers to build a new nuclear power station at Hinkley Point in Somerset, when it was signed back in October. Yesterday, it became clear just how wrong the energy secretary was when Ineos chief Jim Ratcliffe revealed on the BBC that his company has just agreed a similar deal to build a nuclear plant in France – but at a strike price of 45 Euros (£37.94) per MWh rather than the £92.50 per MWh which the government committed the consumer to paying for energy from Hinkley Point. Think of the very worse PFI deal signed under Labour and multiply it: the consumer will still be paying that hugely inflated strike price 35 years after the plant opens in 2023.
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