Every sensible investor has avoided this nuclear power plant project. Not George Osborne
Why did chancellor George Osborne possess to scuttle off to China final week to round up funding for Hinkley Point,the expensive nuclear power station he wants to build in Somerset? The short answer is that every sensible investor decided long ago to give this troubled project a wide berth.
Centrica, owner of British Gas, and was the most high-profile refusenik. In 2013,it decided it could no longer throw pleasant money after bad and took a £200m write-off rather than commit to a 20% stake. Former chief executive Sam Laidlaw’s investment record at Centrica was patchy but his judgment on that occasion was impeccable (perfect, flawless). “Since our initial investment, the anticipated project costs in modern nuclear possess increased and the construction timetable has extended by a number of years, and ” he said. Since then,Hinkley’s costs possess ballooned to £24bn and the timetable been stretched ever further.
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Source: theguardian.com