Cheaper, greener power is on the way. As long as anti-net zero populists don’t throttle it in the cradle. Not that long ago, Mark Purcell, a retired rear admiral in the Australian navy, was paying about A$250 a month for electricity in his roomy family home on the Queensland coast.
Today, he says he makes as much as A$300 a month, or nearly $200, from the electricity he makes, stores and sells with his solar panels and batteries. “This is the future,” he told me. “This is what the energy transition could look like for a lot of folks.” Purcell is one of the 58,000-plus customers of Amber Electric, an eight-year-old Melbourne business that gives householders access to real-time wholesale power prices so they can use power when it’s cheap and sell what is stored in their batteries when it’s expensive.
The company is adding 5,000 customers a month, putting it among a new generation of fast-growing energy tech start-ups aiming to make electricity cheaper and greener, and not just in Australia. Amber’s dynamic pricing technology is due to launch soon in the UK, where the company has done licensing deals with the energy suppliers Ecotricity and E.On.
Norway’s Tibber offers similar services to the 1mn customers it has gained since launching in 2016 and expanding to Germany, Sweden and the Netherlands. In Germany, the market share of companies including Tibber, Octopus Energy and Rabot Charge has grown from 0.1 per cent in 2023 to 2.4 per cent in 2025, says the Kreutzer Consulting group. Between them they have more than 1mn customers, 77 per cent of whom are particularly or very happy with their provider, far more than the industry-wide figure of 57 per cent.
Remember those figures the next time you hear a rightwing populist condemn allegedly unaffordable net zero policies. In fact, this new class of energy tech entrepreneurs is showing how electricity can become more affordable precisely because of the renewables, batteries and electric cars that net zero efforts drive.
It is no accident Amber Electric began in Australia, long a world leader in rooftop solar systems that sit atop more than 4mn of its homes and small businesses. Its population of 28mn is now undergoing a home battery boom, following the July launch of a A$2.3bn government subsidy scheme. Industry estimates show rooftop solar can save households up to A$1,500 a year on energy bills, a figure that nearly doubles if you add a battery, and rises further with dynamic pricing. Is there a catch?
Right now, the upfront costs of green tech can be considerable. Queensland’s Purcell is a superuser who has spent tens of thousands of dollars on solar panels, batteries and a home energy management system that makes everything from his pool heater to his air conditioners price-responsive. His family also has two Teslas with even bigger batteries.
This is clearly unaffordable for many, but maybe not for long. Big home hardware retailers have begun to launch financing plans that let people pay monthly fees of less than A$150 for solar and battery packages rather than a big initial outlay.
In this article, IF volunteer Sol Woodroffe, considers the intergenerational fairness of the government’s financing models for Hinkley Point C and Sizewell C.
Building a nuclear power station: an intergenerational decision
Building a nuclear reactor is very expensive. In fact, the financing costs are the most expensive part. According to the World Nuclear Association, capital costs for new nuclear power stations account for at least 60% of their Levelised Cost of Electricity (LCOE). The LCOE is the total cost to build and operate a power plant over its lifetime divided by the total electricity output dispatched from the plant over that period. This means that when we talk about the price of nuclear, we are really talking about the price of borrowing to cover the upfront costs.
Specifically, when determining whether a government should invest in nuclear power, the cost depends on how much the government values cheap electricity for future generations. The decision to build a nuclear power station is a truly intergenerational one. This graph from the World Nuclear Association highlights how different discount rates affect the value for money of nuclear energy compared with other energy sources:
This shows that the relative capital intensity of building a nuclear power station means that the more we discount future generations, the less worth it nuclear energy seems from today’s standpoint.
The discount rate the government chooses to use on public infrastructure projects is, to some extent, determined by interest rates. But it is also an ethical choice about how much the government cares about future generations. The lower the value placed on future generations, the higher the discount rate used, and so the more expensive nuclear energy seems.
On the face of it, the UK government’s decision to build two enormous nuclear reactors should be a source of optimism for young people. Nuclear energy is one of the safest and cleanest forms of energy. In many parts of the world, it is also one of the cheapest. Decarbonisation, energy security and industrial strategy are all part of the motivation for building these reactors. Many of the UK’s current reactors were built in the 70s and 80s and will retire by the early 2030s. Without new capacity, the UK will lose a major source of low carbon power. Arguably, it’s a sign of the UK government daring to invest for future generations. And yet, a closer look at the financing of the two reactors tells a different story…
Sizewell C is a close imitation of Hinkley planned for the Suffolk coast. The UK government approved the development in July 2022 and committed public equity financing in November 2022. Because the Hinkley supply chain and licensing work already existed, ministers argued that a second EPR project would reduce design and regulatory costs. Sizewell C will have enough capacity to power around six million homes when operating.
What went wrong and why?
Both projects are running well behind their initial projected timelines, and both have run worryingly over budget. These two things are interrelated. Long construction periods push up financing costs. Again, the cost of finance here is all-important. Over a long construction period, during which there are no revenue streams from the project, the interest on funds borrowed can compound into very significant amounts (World Nuclear Association, 2023).
HPC’s original cost estimate was about £18 billion but now is projected to a whopping £31–£35 billion. Moreover, our research on the “nuclear premium” estimated the additional cost of power from Hinkley Point C for its 35-year initial contract period, compared to onshore wind and solar power, would be £31.2 billion and £39.9 billion respectively. Sizewell C’s projected cost has ballooned from an initial estimate of around £20 billion to £38 billion (in 2025 pricing), nearly doubling the original figure.
The cause of these cost overruns is clear. EDF has complained that the UK lacks the building infrastructure and productive capacity for such a massive project. This kind of capacity is built up over time and requires beginning with smaller projects and then gradually scaling up. To some extent, the government has acknowledged this mistake and so began to invest in the small modular reactor programme in the UK, but from the perspective of the taxpayer, it all seems too little too late.
Who is paying for these power station?
Ultimately, the UK taxpayer is paying for both power stations. But from an intergenerational fairness perspective, the key questions are which taxpayers and when. The government has an option to borrow and shield the current taxpaying generation from footing the bill, but rising UK borrowing costs and increasingly jittery bond markets mean this would come at a serious cost.
Hinkley Point: paid for by Gen Z and Gen Alpha
The financing model for each power station is very different. For Hinkley point, the government has agreed on a Contract for Difference. This means that private companies must cover the upfront costs, with the knowledge that they receive a guaranteed price for their energy when the costs are finished.
EDF, the French national energy company, and CGN, the Chinese national energy company, shouldered much of the initial capital cost. In return, the government guarantees a price of £92.50/MWh (in 2012 £) for 35 years of output.
There were serious advantages to this model from a public financing perspective. The main advantage was that the investors took on the construction-cost risk: the UK taxpayer has arguably not been punished because Hinkley Point’s financial costs have so enormously overrun.
Nonetheless, this model ultimately kicks the financial burden down the road. Ultimately, today’s Gen-Z and Gen Alpha will be made to pay for this deal.
This is because the guaranteed price will likely be a rip-off. The average price of energy today in terms of 2012 pounds is £50–55/MWh. The falling price of clean energy alternatives means that we should expect the real price of energy to fall over the next few decades. Therefore, it seems highly likely that the fixed price will be a seriously uncompetitive rate for future UK consumers.
Sizewell C: a fairer distribution of costs
The financing of Sizewell distributes the financing costs more fairly between generations. To pay for the reactor, the government switched to a Regulated Asset Base (RAB) model. This means that consumers begin contributing to the project’s financing through small charges on their energy bills while the plant is still under construction, rather than waiting until it generates electricity. The model provides investors with a regulated return during construction, reducing their exposure to financing risk.
The RAB model allows investors to share construction and operational risks with consumers, which in theory lowers the cost of capital. Since capital costs make up the majority of nuclear project expenses, this could make Sizewell C substantially cheaper overall, if delivered as planned.
From an intergenerational fairness perspective, the financing model is somewhat fairer as it smooths the cost of construction between generations. Nonetheless, the future taxpayers are the ones most exposed to the risk of cost overruns.
The cost of decommissioning
Historically, the cost of decommissioning nuclear power stations has been gravely underestimated in the UK. Decommissioning costs will be faced by generations well into the future, and so whether the state considers them massively depends on the chosen discount rate. Ultimately, the more the government values future consumers, the more seriously they must take these massive costs.
Sizewell and Hinkley both have operating lives of 60 years. However, with Sizewell, future taxpayers are exposed to the risk of ballooning decommissioning costs, whereas with Hinkley the operator must fully cover these costs.
Think of the children
When these large public infrastructure projects are discussed, the focus is often on whether government has negotiated value for money for UK taxpayers. But if the government wants to claim nuclear is a forward-looking investment, it must prove future generations won’t be the ones footing the bill.
The National Press Club of Australia lists 81 corporate sponsors on its website.
Twenty-one of them (listed below) are either part of the global arms industry or actively working on its behalf.
Ten are multinational weapons manufacturers or military services corporations. They include the world’s two biggest weapons makers, Lockheed Martin and Raytheon (RTX); British giant BAE Systems; France’s largest weapons-maker, Thales; and US weapons corporation Leidos – all five are in the global top 20. BAE Systems, which is the largest contractor to the Department of Defence, received $2 billion from Australian taxpayers last year.
In 2023, these five corporations alone were responsible for almost a quarter – 23.8 per cent (US$150.4 billion (A$231.5 billion)) – of total weapons sales (US$632 billion (A$973 billion)) made by the world’s top 100 weapons companies that year.
Last year, UN experts named Lockheed Martin, BAE Systems, RTX (Raytheon) and eight other multinationals in a statement, warning them that they risked being found in violation of international law for their continued supply of weapons, parts, components and ammunition to Israeli forces. The experts called on the corporations to immediately end weapons transfers to Israel. None has done so.
Another of the Club’s sponsors – Thales – is being investigated by four countries for widespread criminal activity in three separate corruption probes. In a fourth, long-running corruption case in South Africa, the country’s former president, Jacob Zuma, is now in court, alongside Thales, being tried on 16 charges of racketeering, fraud, corruption and money laundering in connection with arms deals his government did with Thales.
Global expert Andrew Feinstein has documented his extensive research into the arms industry. He told Undue Influence that wherever the arms trade operates, it “increases corruption and undermines democracy, good governance, transparency, and the rule of law, while, ironically, making us less safe”.
Undue Influence asked the Press Club’s CEO, Maurice Reilly, what written policies or guidelines were in place that addressed the suitability and selection of corporations proposing to become Press Club sponsors.
Mr Reilly responded: “The board are informed monthly about…proposals and have the right to refuse any application.”
Wherever the arms trade operates it “increases corruption and undermines democracy, good governance, transparency, and the rule of law, while, ironically, making us less safe”. – Andrew Feinstein, author of Shadow World: Inside the Global Arms Trade
National Press Club board
The National Press Club, established by journalists in 1963, is an iconic Australian institution. It is best known for its weekly luncheon addresses, televised on the ABC, covering issues of national importance, after which the speaker is questioned by journalists.
The Club’s board has 10 directors led by Tom Connell, political host and reporter at Sky News, who was elected president in February following the resignation of the ABC’s Laura Tingle.
The other board members are: vice president Misha Schubert (CEO, Super Members Council of Australia; formerly with The Age and The Australian); treasurer Greg Jennett (ABC); Steve Lewis (senior adviser, SEC Newgate; formerly with NewsCorp and the Financial Review); Jane Norman (ABC); Anna Henderson (SBS); Julie Hare (Financial Review); Andrew Probyn (Nine Network); Gemma Daley (Media & Government Affairs, Ai Group); and Corrie McLeod, the sole representative from an independent media outlet – InnovationAus.
At least two board members have jobs that involve lobbying.
Long-term board member Steve Lewis works as a senior adviser for lobbying firm SEC Newgate, which itself is a Press Club sponsor and also has as clients the Press Club’s two largest sponsors: Westpac and Telstra. SEC Newgate has previously acted for several Press Club sponsors, including Serco (one of the arms industry multinationals listed below), BHP, Macquarie Bank, Tattarang, and Spirits & Cocktails Australia Inc.
Gemma Daley joined the board a year ago, having started with Ai Group as its head of media and government affairs four months earlier. Ms Daley had worked for Nationals’ leader David Littleproud, former prime minister Malcolm Turnbull and former treasurer Joe Hockey and, before that, for media outlets the Financial Review and Bloomberg. Ai Group has a significant defence focus and promotes itself as “the peak national representative body for the Australian defence industry”. The group has established a Defence Council and in 2017 appointed a former assistant secretary of the Defence Department, Kate Louis, to lead it. The co-chairs of its Defence Council are senior arms industry executives. One of them, Paul Chase, is CEO of Leidos Australia, a Press Club sponsor.
Undue Influence asked Ms Daley for comment on several aspects related to her position on the board, including whether she has had to declare any conflicts of interest to date. She responded: “Thanks for the inquiry. I have forwarded this through to Maurice Reilly. Have a good day.”
Given the potential for conflicts of interest to arise, as happens on any board, Undue Influence had already asked the Press Club CEO what written policies or guidelines existed to ensure the appropriate management of conflicts of interest by board members and staff.
Mr Reilly responded:
The Club has a directors’ conflict register which is updated when required. Each meeting, board members and management are asked if they have conflicts of interest with the meeting agenda. We have a standard corporate practice that where a director has a conflict on an agenda item they excuse themselves from the meeting and take no [part] in any discussion or any decision.
Undue Influence is neither alleging nor implying inappropriate or illegal behaviour by anyone named in this article. Our objective, as always, is to shine a light on, and scrutinise, the weapons industry’s opaque engagement in public life in Australia.
While Mr Reilly declined to disclose the Club’s sponsorship arrangements with Westpac and Telstra, citing “commercial in confidence” reasons, The Sydney Morning Herald reported earlier this year that Westpac paid $3 million in 2015 to replace NAB as the Press Club’s principal sponsor.
The SMH article, “Westpac centre stage at post-budget bash”, on Treasurer Jim Chalmers’ National Press Club address in the Great Hall of Parliament House in late March, added:
[Westpac] … gets more than its money’s worth in terms of access. New-ish chief executive Anthony Miller got the most coveted seat in the house, between Chalmers and Prime Minister Anthony Albanese… Finance Minister Katy Gallagher and Deputy Prime Minister Richard Marles were also on the front tables.
Westpac occupied prime real estate in the Great Hall, with guests on its tables including Treasury Secretary Steven Kennedy, Department of Prime Minister and Cabinet boss Glyn Davis, Attorney-General Mark Dreyfus, Housing Minister Clare O’Neil and Labor national secretary and campaign mastermind Paul Erickson…
Communications Minister Michelle Rowland was on the Telstra table.
Mr Reilly told Undue Influence that all the other corporate sponsors pay $25,000 per year, with a few paying extra as partners in the Club’s journalism awards.
The 21 arms industry and related sponsors therefore contribute an annual $525,000 to the Press Club’s coffers. This is 23% of the $2.26 million revenue it earns from “membership, sponsorship and broadcasting”, the Club’s largest revenue line, as shown in its 2024 financial statement.
“The National Press Club of Australia proudly partners with organisations that share our commitment to quality, independent journalism,” says the Club’s website.
“Aligning your brand with the National Press Club is an opportunity for unparalleled engagement in the Australian political debate and announces that your organisation is part of the business culture in Canberra.”
In response to Undue Influence’s questions about the Club’s cancellation of a planned address by the internationally acclaimed journalist Chris Hedges (covered below), Mr Reilly stated that: “For the avoidance of doubt [sponsors] do not receive any rights to speak at the club [nor are they] able to influence decisions on speakers.”
Sponsors may not be granted a right to speak, but they are sometimes invited to speak, with their status as sponsors not always disclosed to audiences.
When the Club’s second largest sponsor, Telstra, spoke on 10 September, both Club president Tom Connell and Telstra CEO Vicki Brady noted the corporation’s longstanding sponsorship.
Sponsors may not be granted a right to speak, but they are sometimes invited to speak, with their status as sponsors not always disclosed to audiences.
When the Club’s second largest sponsor, Telstra, spoke on 10 September, both Club president Tom Connell and Telstra CEO Vicki Brady noted the corporation’s longstanding sponsorship.
Compare this with two addresses given by $25,000 corporate sponsors – Kurt Campbell (former US deputy secretary of state, now co-founder and chair of The Asia Group) who gave an address on 7 September; and Mike Johnson, CEO of Australian Industry and Defence Network (AIDN), who gave an address on 15 October. Neither the Press Club nor the speakers disclosed the companies’ sponsorship of the Press Club.
While both speakers are considered experts in their field, the sponsorships should have been disclosed as a matter of public accountability.
“Priority seating and brand positioning”
On its website, the Club also promotes additional benefits of corporate sponsorship, including, “Brand association with inclusion on our prestigious ‘Corporate Partners’ board and recognition on the National Press Club of Australia website”.
The Club also promises corporate sponsors that they will receive “priority seating and brand positioning” at its weekly luncheon addresses, as the following examples show. (As principal sponsor, the logo of Westpac appears on every table and on the podium.)
The local subsidiary of British giant BAE Systems has benefited handsomely from its modest $25,000 annual sponsorship. It had the best table – behind the microphone from which journalists asked questions – at then defence minister Peter Dutton’s address in November 2021. The BAE logo appeared on the national public broadcaster – which has strict rules against advertising – eight times during the half-hour question period following Mr Dutton’s address, giving BAE Systems extended ‘brand positioning’ with its target market: senior politicians, defence public servants and military officers.
On 28 November 2023, Minister for Defence Industry Pat Conroy spoke about AUKUS. The logos of Press Club sponsors DXC Technology and Deloitte were also well-situated for the camera during question time. Both companies are significant contractors to the Defence Department. Deloitte also works for the weapons industry, including BAE Systems.
Cancelling Chris Hedges
The Press Club recently drew significant attention to itself after it cancelled a planned address by the Pulitzer-prize-winning American journalist, and former long-term war correspondent, Chris Hedges. Mr Hedges reported for The New York Times for 15 years, from 1990-2005, including long stints as its bureau chief in the Middle East and in the Balkans. He was to have appeared at the Press Club on 20 October.
However, in late September, Press Club CEO Maurice Reilly cancelled Mr Hedges’ appearance. This occurred two weeks after the Club was sent details of what Mr Hedges proposed to cover, including a link to an article he had entitled The Betrayal of Palestinian Journalists. In that article, Mr Hedges wrote:
Israel has murdered 245 journalists in Gaza by one count and more than 273 by another… No war I covered comes close to these numbers of dead. Since Oct 7 [2023], Israel has killed more journalists “than the US Civil War, World Wars I and II, the Korean War, the Vietnam War (including the conflicts in Cambodia and Laos), the wars in Yugoslavia in the 1990s and 2000s, and the post-9/11 war in Afghanistan, combined”.
Mr Hedges also intended to cover what he has described as the “barrage of Israeli lies amplified and given credibility by the Western press”, examples of which he provides in the above article.
Following a scathing post from Mr Hedges about the Press Club’s cancellation of his address, and significant public disquiet, the Press Club issued a statement denying it had come under external pressure to cancel his address. Inexplicably, the Press Club also denied it had confirmed the Hedges address. This claim was easily checked and soon reported to be false. Undue Influence has seen the emails showing that the Press Club had confirmed the address.
National Press Club funded by companies profiting from genocide
In July, Francesca Albanese, UN Special Rapporteur on the situation of human rights in the Palestinian territories, issued a report explaining how the corporate sector had become complicit with the State of Israel in conducting the genocide.
Her report also noted that arms-making multinationals depend on legal, auditing and consulting firms to facilitate export and import transactions to supply Israel with weapons.
Numerous members of the public posted their concerns on the Press Club’s Facebook page. Here are three examples: [on original]
Four of the world’s largest accounting, audit and consulting firms – all of which have arms industry corporations as clients – are sponsors of the Press Club: KPMG, Accenture, Deloitte and EY. Until recently, PwC counted among them.
EY (Ernst & Young) has been Lockheed Martin’s auditor since 1994. EY is also one of two auditors used by Thales, and has been for 22 years. Deloitte has been BAE Systems’ auditor since 2018. PricewaterhouseCoopers (PwC) – a Press Club sponsor until 2024 – has been Raytheon’s auditor since 1947.
Lockheed Martin’s supply to Israel of F-16 and F-35 fighter jets and C-130 Hercules transport planes, and their parts and components, along with Hellfire missiles and other munitions, has directly facilitated Israel’s genocide.
Raytheon’s (RTX) supply of guided missiles, bombs, and other advanced weaponry and defence systems, like the Iron Dome interceptors, also directly supports Israel military capability.
In England, BAE Systems builds the rear fuselage of every F-35, with the horizontal and vertical tails and other crucial components manufactured in its UK and Australian facilities. It also supplies the Israeli military with munitions, missile launching kits and armoured vehicles, while BAE technologies are integrated into Israel’s drones and warships.
Thales supplies Israel’s military with vital components, including drone transponders. Australian Zomi Frankcom and her World Central Kitchen colleagues were murdered by an Israeli Hermes drone, which contain Thales’ transponders. Yet, echoing Australia, France claims its military exports to Israel are non-lethal.
National Press Club sponsors from military-industrial complex
# Rankings compiled by SIPRI at December 2023 (published December 2024)
^ NOTE ON US COMPANIES: The Defence Department procures weapons/military goods directly from Lockheed Martin, RTX (Raytheon) and other US corporations via the US Government’s Foreign Military Sales program. The value of FMS contracts is not included in the table.
Note on the use of the word ‘genocide’
Three independent experts appointed by the UN’s Human Rights Commission – the Commission of Inquiry on the Occupied Palestinian Territory and Israel – issued a report in September that concluded Israel is committing genocide in Gaza. One of the Commissioners – Chris Sidoti – speaking at the Press Club recently, said the Commission’s report will remain the most authoritative statement on this issue until the world’s highest authority, the International Court of Justice, makes its ruling.
Antinuclear 