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Hinkley Point subsidy bill soars to £30bn

It’s not getting cheaper.

In fact, Hinkley Point may now be even more expensive than renewables, according to a stinging new report by a government spending watchdog.

The top-up payments – effectively a subsidy that will be paid by consumers – are now predicted to total £30bn due to changes in forecasting of wholesale prices. The Telegraph calculates that this is a quadrupling of previous estimates. The Financial Times goes even further.

The report by the National Audit Office warns that consumers could face further payments associated with the debt agreement the government has arranged with developer EDF, as well as liabilities concerned with the risks of waste disposal or a nuclear accident.

Shell’s prepares for a strike in the North sea

It would be the most significant oilfield industrial action in a decade.

Members of two unions at the oil and gas firm Wood Group have voted to go on strike. They provide maintenance and construction services to Shell’s stations in the North Sea.

The Wood Group announced in February that it was cutting its rates for about a third of its contractors, citing cost and efficiency challenges in the sector.

Unite called it a “resounding endorsement”.

Coal India accused of bulldozing human rights

Amnesty International has launched a stinging attack against the state owned coal company, accusing it of flouting human rights law in the midst of a production boom.

Members of an indigenous group have been displaced for years without resettlement, they said.

The coal sector provides for 60% of India’s electricity, with the government planning to double output in the next four years.

In other news

Solar: Solar Impulse 2 lands in Egypt on penultimate stop of world tour

Fracking: Brexit could provide boost for Britain’s shale gas

Climate: TTIP proposal casts doubt on G20 climate pledge

Renewables: UK plans new green petrol to hit EU renewables targets despite Brexit 

Oil: IEA sees record Middle East oil supply as US output slumps