British nuclear power ‘twice the price of French’ warns Ineos as it looks to exploit UK shale gas resources

Ineos signPower from the new Hinkley C nuclear generator will be too expensive, the boss of one of the UK’s biggest energy consumers has warned today.

Jim Ratcliffe, whose company Ineos owns the Grangemouth petro-chem refinery, told the BBC that UK manufacturers would find the price unaffordable.

The government has guaranteed that the new Hinkley station, being developed by France’s EdF and backed by Chinese investors, can charge the £92.50 minimum price for 35 years.

Ratcliffe said Ineos recently agreed a deal for nuclear power in France at 45 euros (£37.94) per Mwh and that ‘the UK was the most expensive energy market his firm is involved in.’

In his BBC interview, Ratcliffe confirmed– as already reported in Scottish Energy News – that Ineos will ship in tanker-loads of US shale gas for refining in Grangemouth.

He added that Ineos was looking into hydraulic fracturing, or fracking, where water and chemicals are pumped into shale rock at pressure to release gas.

He said: “We are having a look at whether we have a part to play in the UK in shale gas exploration.”

 

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