Hinkley-Point-nuclear-power-station-plans

Business Breakfast RECAP: £840m Network grid upgrade for Hinkley Point can be cheaper, says Ofgem

Good morning and welcome to the Business Breakfast live blog for Wednesday, August 30.

I’m Jonathon Manning and I’m running the live blog this week, to bring you updates on all the breaking business news from across the North East and beyond.

This live blog covers the latest big stories from the North East business community as well as national news and FTSE announcements – anything and everything from the world of business basically.

Britain’s energy regulator has raised major questions about the £840m cost of a network grid upgrade that is being used to connect Hinkley Point nuclear power station.

Ofgem said today that it is challenging around 20% of National Grid’s proposed costs, in particularly those relation to the treatment of how severe weather could delay construction.

And struggling tool supplier HSS Hire has seen its half-year losses nearly quadruple to £30m, up from £7.8m a year earlier. The results cover the six months ending July 1 2017,

The company said its recovery plan had helped return the group to profit in June and increased revenue in its rental division. However progress had been “materially slower” than expected.

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