Hinkley’s nuclear power will add more than £600 to UK household electricity bills

hinkley-point-c-nuclear-power-station-signThe government insists that consumers will pay about £10 a year for Hinkley Point C, although they have not provided any justification for the figure.

But Joe Malinowski from the Energy Shop price comparison website said: “We think the impact on energy bills will be greater. This is what we believe it is going to cost (very roughly).

 “The average annual electricity bill in the UK stands at around £500. Of that £500, 50% (£250) represents the cost of the electricity purchased, the balance being made up of non-commodity costs (transportation, metering, environmental, operations, profit etc.).

“Hinkley Point C is expected to generate 7% of electricity demand and this 7% will cost twice the current market price. So all things being equal, compared to today’s prices, the impact on energy bills will be…

 [(£250 * 7%) * 2] + [(£250 * 93%) * 1] – £250 = £17.50 per year

 “Which is basically (£250 * 7%) but we wanted to show the working.

 “£17.50 does not sound like much but multiply that by 35 years and you get £612.50 over the life of the project.

“Hinkley Point, now that it is finally approved, will put upward pressure on energy bills. 

“But at £17.50 per household per year, it is a drop in the ocean compared to the £185 increase that government climate and energy policies will add in the next four years.”

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