Hinkley nuclear power ‘too pricey for manufacturers’ says Ineos boss

Nuclear power from Hinkley Point C will be too expensive for manufacturers according to the chief executive and founder of chemical firm Ineos. Jim Ratcliffe, the former engineer who is […]

Register now!

By Vicky Ellis

Nuclear power from Hinkley Point C will be too expensive for manufacturers according to the chief executive and founder of chemical firm Ineos.

Jim Ratcliffe, the former engineer who is 33rd on Forbes’ billionaire list for the UK, claimed the country is “uncompetitive” for energy prices.

EDF’s Group CEO told ELN last month the strike price of £92.50 per megawatt hour – the price set for Hinkley Point’s nuclear power in the UK for the lifetime of the plant – will end up as a bargain for the UK.

But Mr Ratcliffe suggested this is not the case.

The boss of Ineos – which owns oil refinery Grangemouth – told the BBC: “The UK probably has the most expensive in the world. It’s more expensive than Germany, more expensive than France, it’s much, much more expensive than America. It’s not competitive at all on the energy front I’m afraid.”

Mr Ratcliffe suggested the recent deal between the UK Government and French-owned EDF Energy over the Hinkley power station wouldn’t bring about attractive energy prices.

He said: “In France we’ve just done a deal with a nuclear power station and we’re fixed at €45 (£38) per megawatt hour. £95? Forget it. Nobody in manufacturing is going to go anywhere near £95 per megawatt hour.”