A fresh report has claimed building new nuclear power stations will create “significant and hidden costs” in comparison to renewable options which offer a better “intergenerational contract”.
The findings by the Intergeneration Foundation thinktank said the UK would save £40billion by moving to renewables alternatives rather than options such as Hinkley Point.
In the report, it is claimed that large risks are being passed on to the public and future generations with an “unknowable ceiling” of liability.
It comes as a final investment decision is awaited on Hinkley Point next month.
Both onshore wind and solar power would cost £31.2billion and £39.9billion – if costs were applied to other currently planned or proposed reactors for the UK – the nuclear premium would be between £175billion and £220billion compare to the renewable options on offer.
The report also claims that at a cost of £24billion, Hinkley Point C would be the “most expensive building on Earth”.
It said that “readily available, cheaper, safer and quicker renewable energy options would help Britain live both within its economic and environmental means, while also protecting and providing for future generations.”
The report adds:“An over-reliance on new nuclear capacity is expensive, poor value, slow, insecure and an obstacle to better alternatives. Without a rethink we risk passing on a huge intergenerational economic burden in which known costs are high, and risks exist heavily on the downside.”
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