In characteristic New Labour fashion, Tony Blair, the prime minister, is reported to have ruled out financial incentives from the state for new nuclear plants in the UK.

At the moment, the old arguments about the relative cost of atomic power are being overshadowed by a new one: the cost of being over-reliant on imported, carbon dioxide-producing gas. Still, private investors will want to ensure they make a decent return. Unlike coal and gas-fired plants, only about 5 per cent of the cost of nuclear power relates to fuel. Capital investment is the biggest factor. That makes nuclear power a high fixed-cost option on long-term electricity prices, with much of the risk borne upfront.