Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Mark Leftly: Nuclear job done for KPMG luminary Stone

Mark Leftly
Friday 08 February 2013 00:53 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Outlook Rumours suggest that Tim Stone, KPMG's former global head of infrastructure, has not renewed his contract as the Government's expert adviser on new nuclear.

The timing will fascinate nuclear's many critics, given that the new build programme suffered a blow earlier this week when Centrica finally confirmed that it would not join EDF in pouring billions into building and operating a station at Hinkley Point. There was even an emergency debate held in the Commons, which looked to scupper the Government's talks with EDF over the guaranteed minimum price the French giant will be paid for the electricity it will generate there.

There are two ways of looking at this: either Mr Stone is leaving because he knows the programme is doomed, or he has achieved what he set out to do. The latter would mean that the Government and EDF have all but agreed what is known as a "strike price", which means the French group gets the guaranteed return it needs to persuade shareholders that UK nuclear is worth investing in.

I understand that is indeed the case, and that the strike price will be announced before Mr Stone leaves at the end of next month. A number of £95 to £99.50-odd per megawatt hour has been virtually signed, sealed and delivered, which nuclear's supporters will claim makes it the cheapest form of clean energy available on any scale to the country.

That, coupled with Mr Collins' ambition over equality, would mark two significant triumphs for senior figures at the Big Four accountant. The timing couldn't be better: another former highly regarded KPMG star is Vicky Pryce, whose last marriage to the former cabinet minister responsible for nuclear, Chris Huhne, is currently being so publicly picked apart in court.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in