TataCliq CPA IN

China is going to build the UK nuclear power plant

42473-200

Plans for the first UK plant in a generation have been stepped up after a deal for Chinese investment in the multi billion pound scheme.

Flipkart IN

French energy giant EDF signed an investment agreement with the China General Nuclear Power Corporation (CGN) to build the new plant at Hinkley Point in Somerset.

The firm announced the first power would now be generated in 2025, two years later than the original date.

EDF’s share in Hinkley Point C will be 66.5 per cent and CGN’s will be 33.5 per cent.

Total construction costs are forecast to be £18billion – £2billion more than the figure given three years ago as a result of inflation.

The two companies have also agreed a wider partnership for the joint development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex.

EDF said the signing paved the way for Hinkley to go ahead and ‘sets the steps’ for a final investment decision, subject to finances being finalised and approval by the two companies’ boards.

The announcement was made on the second full day of a visit to the UK by Chinese President Xi Jinping.

Construction of Hinkley Point C will create 25,000 jobs during its construction and will support 900 direct jobs during its 60-year lifetime.

The project also aims to create 1,000 apprenticeships alongside £14million of investment in education and training. Source

Leave a Reply