By Simon Taylor
A well timed contribution and incisive research, this is often the tale of the British test in privatizing the nuclear strength and its next monetary cave in. It tells how the UK's pioneering function in nuclear energy ended in undesirable know-how offerings, a badly unsuitable restructuring of the electrical energy and the top of presidency aid for nuclear power.
In this quantity Simon Taylor has mixed interviews with former executives, regulators and analysts along with his personal distinctive perception into the nuclear to supply an research of the origins of the drawback and the monetary and company suggestions utilized by British power plc.
Arguing that the inventory industry used to be a significant component within the company's cave in by means of false impression its funds, over-valuing the stocks and giving flawed signs to administration and that the govt. coverage of attempting to placed all accountability for nuclear liabilities within the arms of the personal region was once neither credible nor sensible. The booklet concludes that failure used to be no longer inevitable yet resulted from a mix of inner and exterior explanations that casts doubt at the coverage of mixing a totally nuclear generator with liberalized energy markets.
This e-book should be of significant curiosity to scholars engaged with the historical past of nuclear strength within the united kingdom, privatization, rules and monetary and company method, in addition to specialists, coverage makers and strategists within the box.
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Extra info for Privatisation and Financial Collapse in the Nuclear Industry: The Origins and Causes of the British Energy Crisis of 2002
7). First, the original demand for nuclear power was driven by a fear of coal scarcity in the 1960s and beyond. The 1955 White Paper launching the first nuclear programme stated that: “The provision of enough The AGRs and the reactor debates 27 men for the mines is one of our most intractable problems. . Any relief that can come from other sources of energy such as nuclear will do no more than ease the problem of finding and maintaining an adequate labour force. There can be no question of its creating redundancy” (British Government, 1955 para.
The fuel situation turned out by 1960 to be much less of a problem than was expected in the mid-1950s. But the extra cost of the nuclear stations was supposed to be only moderately more than coal stations. That conclusion rested on a mixture of wishful thinking on the plutonium credit, a lack of appreciation of the falling cost of coal generation, unrealistic hopes for the construction costs of the stations and a belief that interest rates would stay low. All of these conditions failed to hold and the economic cost of the Magnox programme was therefore substantially larger than the UKAEA and the government had expected.
The CEGB’s own estimates showed nuclear costing 40 per cent 18 The years of optimism more than coal in cheap coal areas and 20–25 per cent more elsewhere. Criticised for casting doubt on the programme and harming its export potential, the CEGB nonetheless advised civil servants privately that it believed that Parliament was being misled (Hannah, 1982 p. 235). The first Chairman of the CEGB was Sir Christopher Hinton, who had overseen the Windscale reactor development and the building of Calder Hall and was one of the leading public figures on atomic energy.