The nuclear industry is in a bind. As I noted a couple of weeks ago, the risks associated with building new nuclear projects are too high to attract private finance and the costs are beyond the balance sheet of almost all companies. 

Consumers, acutely aware of rising energy bills, are unlikely to take kindly to suggestions that they pay in advance — as in the regulated asset base (RAB) scheme being promoted by some UK government officials — for projects that can run years behind schedule and billions over budget. 

Without a more equitable way of sharing the cost and risk, new nuclear development will be halted not just in the UK but also in France — where nuclear provides 75 per cent of electricity — and the US as many plants in both countries will soon be due for replacement. For those who think nuclear is necessary to meet the challenge of climate change, and for the powerindustry itself, an alternative is necessary.