Hinkley Point C to power six million UK homes
EDF and its Chinese partner China General Nuclear Corporation (CGN) have committed to Hinkley Point C during this week’s landmark China State Visit, confirming the first new nuclear power station in the UK for a generation.
The companies have signed a Strategic Investment Agreement which marks a critical moment for the site in Somerset. EDF has confirmed it will take a 66.5 per cent stake in Hinkley with CGN taking 33.5 per cent, demonstrating a clear commitment from both parties.
The Government and EDF have finalised the detail of the Contract for Difference which offers increased price certainty for the electricity produced from Hinkley Point C. The Funded Decommissioning Programme has been approved and will make sure that the tax payer doesn’t pick up the cost of decommissioning the plant in the future.
Hinkley Point C will provide low carbon electricity to six million homes, twice as many as the whole of London, for around 60 years – and consumers won’t pay a penny until the plant is up and running. It will provide a vital boost for the national and local economy – creating 25,000 jobs, up to 1,000 apprentices and landing UK businesses billions of pounds worth of supply chain contracts.
Prime Minister David Cameron said:
“I’m pleased to announce that today we are signing an historic deal to build the Hinkley nuclear power station, providing reliable, affordable energy for nearly six million homes and creating more than 25,000 jobs, all while working together to build a low-carbon future.”
Energy Secretary Amber Rudd said:
“We are tackling a legacy of under-investment and building energy infrastructure fit for the 21st century as part of our plan to provide the clean, affordable and secure energy that hardworking families and businesses across the country can rely on now and in the future.
“The UK is open for business and this is a good deal for everyone – Hinkley Point C will continue to meet our robust safety regulations and will power nearly six million households with low-carbon energy, creating over 25,000 jobs and more financial security for working people and their families.”
The Government will support new nuclear power stations as we move to a low-carbon future. Hinkley Point C will kick start this and is expected to be followed by more nuclear power stations, including Sizewell in Suffolk and Bradwell in Essex. This will provide essential financial and energy security for generations to come.
EDF Energy CEO Vincent de Rivaz said:
“Hinkley Point C and successive nuclear projects will guarantee the UK the reliable, secure low carbon electricity it needs in the future. Nuclear power will save customers money compared with other energy options and provide a huge boost to British industrial strength, jobs and skills both in Britain and abroad. Today’s announcements are also good news in the fight against climate change.”