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Government confirms UK’s first new nuclear power station

The Government have OK’ed the UK’s first new nuclear power plant in 20 years, following an agreement with French energy firm EDF.

Hinkley Point C will occupy a 165 acre site in Somerset and will generate enough electricity to power nearly 6 million homes once operational.

The plant will represent an investment of around £16billion, paid for by EDF and the consortium of investors it leads.

It is estimated that around 57% of the work generated by developing the plant will go to British firms.

Secretary of State for Energy, Edward Davey said of the agreement: “This is an excellent deal for Britain and British consumers.

“For the first time, a nuclear power station in this country will not have been built with money from the British taxpayer.

“It will increase energy security and resilience from a safe, reliable, home-grown source of electricity.

“This deal is competitive with other large-scale clean energy and with gas – and while consumers won’t pay anything up front, they’ll share directly in any gains made from the project coming in under budget and from refinancing or equity sales.

“We are creating one of the most attractive electricity investment markets in the world – and this is a clear sign that investors are already responding, even before our electricity market reforms become law.”

Henri Proglio, Chairman and CEO of EDF Group, added: “The agreement in principle reached today with the British government significantly strengthens the industrial and energy co-operation between France and the United Kingdom. The EPR project at Hinkley Point represents a great opportunity for the French nuclear industry in a context of a renewal of competencies.

“This project will deliver a boost to the economy and create job opportunities on both sides of the channel and will enable the United Kingdom, a country in which EDF is already the leading producer of electricity, to increase the share of carbon-free energy in its production mix.”

This was posted in Bdaily's Members' News section by Tom Keighley .