RR has a suite of projects they can advance or invest in, HHR have only one.
The issue with RR/HHR project is the deal was structured around the EPL windfall tax and the Investment Allowance. RR currently bears responsibility for the majority of capex. This suited RR as it was able claim a 91% Investment Allowance against capex. If the allowance is removed the nett cost of capex increases significantly.
Until Labours "threat" to repeal the Investment Allowance is removed or amended to "grandfather" current projects IMO RR will defer FID in favour of other projects.
I understand @sergeant your point that Labour is playing politics and agree they will likely retreat from their current position. Until this plays out though RR don't need to take the risk.
Not an issue for RR but a hard pill to swallow for HHR. Do they wait it out with RR, sell out to RR or try to re-negotiate the JV terms. IMO HHR need to wrestle back some control of their future instead of leaving it in the hands of politicians and RR.
RR has a suite of projects they can advance or invest in, HHR...
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