UK Nuclear Power PFI / Private Policy to be written by Stone says DTI today

It is now 2 years almost to the day since Tony Blair first talked about the need for nuclear power in public. Ultimately this resulted in the half assed document called The Energy Review Report "The Energy Challenge" which was published on 11 July 2006. In the report, the Government took the view that nuclear power had "a role to play alongside other low-carbon generating options."

Alastair Darling , The Secretary of State for Trade and Industry has announced today that he has appointed Dr Tim Stone as senior advisor on the "arrangements for the costs associated with potential nuclear new build decommissioning and waste management" (sic) . This is done under the stated need in the Energy review Report - Paragraph 5.141 of the report stated that "Government intends to appoint an individual with senior management or financial experience.... etc, etc," He has been appointed as senior advisor to both the Secretary of State for Trade and Industry and to the Chief Secretary of the Treasury and will initially devote one/two days a week to this role for a period of one year.

That's Tim Stone, Chairman of KPMG Corporate Finance, and Global Infrastructure and Projects Group. The Group specialises in advising asset owners, government bodies, contractors and infrastructure funds on the financing of major projects worldwide across a wide range of sectors.

In addition to his role as an expert non-executive director of the European Investment Bank, he is a member of the advisory board of the Department of Health's Commercial Directorate (which includes involved in many major acute hospital transactions, road and IT PFI deals, including the hugely unsuccessful NHS £3.2bn national IT program - KPMG meanwhile advise many firms participating in these deals. Dr Tim Stone is the Ministry of Defence’s adviser on the ‘Future Strategic Tanker’ PFI scheme. This is the gorundbreaking scheme for aerial tankers s from Diego Garcia in the Indian Ocean to bomb targets in distant Iraq/ Iran by refuelling them mid-air supplied and partly staffed by private (for profit) firms.

Paragraph 5.96 of the report set out that "Any new nuclear power stations would be proposed, developed, constructed and operated by the private sector, who would also meet full decommissioning costs and their full share of long-term waste management costs".

Dr Tim Stone's views on financing nuclear power in the UK can be seen here(pdf alert) ... Page 8 "There are easier places (than the UK) to make money in the nuclear industry…. ….. unless the regulatory regime makes it more attractive for the private sector and financiers" - in a report to the Westminster Energy Forum who will be holding .....

MAR 14th 2007 - THE FUTURE OF UK NUCLEAR ENERGY POLICY

"The aim is to examine global and strategic nuclear issues, as a context for a subsequent, more UK-focused discussion which develops on from policy and regulatory examinations to a more delivery-oriented analysis of supply chain issues."

The Gubment have finally realised that the story that graphically and simply explains the FCUKED - Forth Coning UK Energy defecit on Page 3 of the report by Time Stone (essential reading for anyone insterested) means that something has to be done to secure an ebergfy future for the UK.

The Gubment have finally realised that the "private" sector ain't interested unless the rules of the game are changed.

The Gubment have finally realised that they have to poach someone who can rig and re-jig the rules of the PFI game in conjunction with the private sector / generators / users / financiers to get the Gubment out of the hole.

The Gubment haven't finally understood yet how they will get these nuclear power stations planned, designed, built and running in time and where the qualified engineers, staff etc., will come from - probably India and China having seen (and approved) BNFL's sale Westinghouse to Toshiba in October.

Have we been here before ? Times March 21st 2004

Darling calls in KPMG to fix the railways "Tim Stone, chairman of KPMG’s financing group who is leading the KPMG advisory team, said: “We are delighted — as a team and individually — to be playing a role in the revitalisation and restructuring of the national railway for the benefit of passengers as well as the national economy.”

Nicholas Neveling, Accountancy Age 26th October 2006

KPMGleads $5.4bn watershed deal - Building a presence as lead advisers on the biggest deals has always been a struggle for the corporate finance arms of accounting firms, but all that could change after a $5.4bn (£2.89bn) deal closed by KPMG Corporate Finance last week

The firm acted as lead adviser for Japan’s Toshiba Corporation on its acquisition of Westinghouse from British Nuclear Fuels plc. The deal is thought to be the largest involving an accounting firm as lead adviser.

Finally ...want to know more about "Private Investment for Public Success" a handy "e- pamphlet" produced in November 2006 by Alan Milburn, Time Stone et. al for the Public Network

" ....This pamphlet (pdf alert) argues that public private partnerships (PPP) are crucial to successful and long-term public service reform. Far-reaching socio-economic changes in the 21st century make reform inevitable and public services need to respond accordingly.

Reform can be sustained through improvements based around better choice, subsidiarity and greater diversity in supply. In this respect, the UK’s approach to PPP can act as a catalyst for wider public service reform in Europe."

ISBN 1-903805-6-10 paperback