Brexit: What will be the impact on energy and bills?
A vote to leave the EU – if it triggers a fall in the value of the pound – could add billions to the cost of fuel in the UK, according to a new analysis of what Brexit could mean for the cost of energy.
The analysis also found that the UK could legally cut VAT on fuel from within the European single market (the Norway option) at a cost of around £1.6bn.
Hinkley: Areva admits defective parts may be found in nuclear plants around the world
Nuclear power plants around the world may be using the same faulty parts that have caused problems at the troubled reactor at Flamanville, France.
Areva’s new owner, EDF, which is leading the Hinkley point C project is also locked in a damaging row with President Hollande’s government after the socialist leader promised to close the ageing Fessenheim nuclear power station in Alsace, eastern France.
The debt-ridden EDF is demanding at least €2 billion in compensation for shutting the plant. Ségolène Royal, the energy minister, has offered €100 million.
The ongoing strife has led Tim Yeo, a former chair of the UK energy select committee to argue for a Plan B should the beleaguered project to build a new reactor in Somerset not go ahead (The Guardian).
It’s fair to say Brexit probably wouldn’t help matters, so it’s no surprise that EDF chief exec Vincent de Rivaz has written to staff urging them to vote Remain.
Oil: Shell goes for cost-cutting and shale
Having turned round its North American shale business, Royal Dutch Shell (RDSa.L) is putting so-called unconventional energy at the heart of its growth plans, and believes lessons from the revamp can be applied across the company, reports Reuters.
In other news:
Carbon capture: UK firms pay £30m despite scrapping projects
Confectionery: Mars goes 100% renewables