Nuclear and fossil fuels blamed for “creative accounting”

Nuclear power and fossil fuels work out more expensive than solar power, according to the head of a community energy firm who has launched a blistering attack on subsidies for […]

Register now!

By Vicky Ellis

Nuclear power and fossil fuels work out more expensive than solar power, according to the head of a community energy firm who has launched a blistering attack on subsidies for the rival forms of energy.

Agamemnon Otoro (pictured), chief executive of community energy firm Repowering claimed in an interview “creative accounting” from energy firms meant they seemed cheaper than renewables.

At the launch of co-operative Brixton Energy’s latest solar power scheme, he told ELN: “Solar is expensive in only one way: on sheets of paper talking about EU dumping regulations”.

He claimed subsidies pumped up the cost of nuclear and gas: “A lot of the technologies haven’t factored in the tax incentives and subsidies so with the gas and oil industry and the nuclear industry, there is no country, no nuclear power station which can get insurance.

“Every government underwrites nuclear. So when you put those figures in, it goes from being three pence a watt to being about 40 pence a watt. Let’s keep that all in perspective,” he added.

The solar chief suggested the green energy sector suffered from not being as “strong” on their accounting: “The sustainability and the green movement have always suffered from being too light, lackadaisical about their accounting – and the oil sector and the fossil fuel sector has been very strong on their accounting and also creative accounting.”

Asked what he meant by that, Mr Otero explained: “There has been creative accounting by the fossil fuel sector because they’re not including the subsidies that they’re receiving, or the tax breaks they’re getting at the end. And on the sale of their energy forms. So if there was an equal playing ground with all of those finances factored in, pre and post, solar wouldn’t be the expensive technology or even come close to it.”