The announcement by Lib-Dem Energy Secretary Ed Davey of a new nuclear plant at Hinkley Point in Somerset is a bad deal for the British people and could spell disaster for future generations.

Reliance on nuclear fusion as a source of energy remains a costly, dangerous and hugely irresponsible option. The consequences of radioactive contamination can be calamitous. The storage of high-level radioactive waste on the site could ruin our beautiful region.

The guaranteed price agreed by government - the "strike price" - of £92.50 for every megawatt hour, is almost twice the current wholesale cost of electricity. The Energy Secretary's blind belief that energy prices will be £77 lower in 2030 than they might otherwise be does not even have his own confidence, because of undefined "uncertainties".

What makes this announcement even more ironic is that development of the new plant will be led by the French 85% state-owned power company EDF, with investment from Chinese companies China National Nuclear Corporation and China General Nuclear Power Corporation.

It seems that the British government is comfortable with state ownership and planning, as long as the "investment" is made by foreign capital and used to line the pockets of private companies here in the UK.

Britain deserves a planned, democratically owned energy sector. Genuine and sustained investment in renewal energy offers the only guarantee against future price rises in an unstable and unsustainable market. The profits of the energy monopolies, stolen from their customers, must be put to better use.

Decommissioning obsolete plant is enormously expensive. Eliminating or storing waste safely and permanently cannot yet be done. The by-product of nuclear power generation - plutonium - provides the otherwise scarce core material for most nuclear weapons.

The Communist Party calls on the labour movement and other progressive organisations to campaign for the renationalisation of the whole sector as the only solution to guarantee future energy security and affordability.