The announcement that Areva are to join with China’s Guangdong Nuclear Power Holding Company to bid for new capacity in the UK represents a bold statement in favour of globalisation and against established judgments of national energy security by the UK government.
The traditional view has been that the UK’s strategic resources should be under the control of nationally controlled or “friendly” entities. When BP’s privatisation in the 1980s failed in the face of a market downturn and more than 20 per cent of the shares were picked up by the Kuwaitis, Mrs Thatcher reacted vigorously and the Kuwaitis were forced to sell down.
The main concern has been Russia. Read more