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In a report published last month the government spending watchdog said the prime minister's decision last September to press ahead with Hinkley has locked the nation into a 'risky and expensive' project.The National Audit Office warned that the cost to families of guaranteeing that EDF and the Chinese receive a high price for the electricity produced by the power station has spiralled from £6bn to £30bn.He insisted the project was ‘good value’ and the subsidies ‘compare broadly’ with those for renewable energy such as wind power.Mr Clark said EDF was bearing the full risk of building and operating the plant – with consumers not paying a penny until it starts producing electricity.
He told MPs: ‘The changes mean that, while the UK will remain one of the most open economies in the world, the public can be confident that foreign direct investment works in the country’s best interests.’He told the BBC’s World at One: ‘I think George Osborne was so keen to send positive signals to the Chinese that he was not prepared to go the extra mile on security, which it looks like Theresa May has done.’He said bad blood between Mrs May and Mr Osborne may have prevented her acting earlier. ‘George Osborne, partly because he saw Theresa May as a rival, could be quite rude to her in Cabinet.
The current market price for a megawatt hour is just £38.91.
The National Audit Office has warned these subsidies will add almost £30billion to electricity bills over the project’s lifetime.
In a statement, it explained the extra costs partly resulted from adapting the project's design to meet the demands of UK regulators.
The firm is funding two-thirds of the plant, which is expected to create more than 25,000 jobs, with China investing the rest.