Hinkley Point C is not a good deal, says the National Audit Office.

That’s hardly news to anyone – the Competion and Markets Authority added its voice to many others, saying that the government had moved too quickly to sign up with EDF (and incidentally, to sign other over-generous “FID-enabling” contracts for difference with a handful of biomass and wind plants on a negotiated basis).

Chancellor Philip Hammond described Hinkley Point C as a “well-designed transfer of risk in an area where risk has never been transferred”. But that was entirely the wrong approach.