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Released March 20, 2013 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - A new age of nuclear power in the U.K. began this week with the awarding of full planning permission for the first of a new fleet of nuclear power plants (NPPs).
The U.K.'s Department of Energy and Climate Change (DECC) has granted planning consent to the construction of a new nuclear plant at Hinkley Point in Somerset, the first new nuclear power station in the U.K. since 1995. The 3,300-megawatt (MW) Hinkley Point C nuclear power plant will use two European Pressurised Reactors (EPRs), which will be capable of generating enough power for around 5 million homes - around 7% of the U.K.'s total electricity demand - when they are commissioned in 2018. The project will be overseen by Nuclear New Build (NNB) Generation Company (NNB GenCo), which is wholly owned by French energy giant, Electricite de France (EPA:EDF) (Paris).
"The planning decision to give consent to Hinkley Point follows a rigorous examination from the Planning Inspectorate, and detailed analysis within my Department," explained Edward Davey, Energy and Climate Change Secretary, following the consent order. "This planned new nuclear power station in Somerset will generate vast amounts of clean energy and enhance our energy security. It will benefit the local economy, through direct employment, the supply chain and the use of local services. I am confident that the planning decision I have made is robust, evidence-based, compatible with the Energy National Policy Statements and is in the best interests of the country. It's vital to get investment in new infrastructure to get the economy moving. Low carbon energy projects will bring major investment, supporting jobs and driving growth."
Last month, EDF lost its U.K. partner for new nuclear projects when Centrica plc (OTC:CPYYY) (Windsor, England) pulled out, blaming concerns over costs and project delays. Centrica, which owns British Gas, had the option to own a 20% stake in four reactors. EDF may now approach Chinese state-owned nuclear company, China Guangdong Nuclear Power Corporation (CGNPC) (Shenzhen), about joining its U.K. new build programme. For additional information, see February 8, 2013, article - Centrica Abandons U.K. Nuclear Projects.
EDF remains locked in negotiations with the government over its Contract for Difference (CfD) strike price for nuclear. It will not make a final investment decision in the project until it reaches an agreement.
Commenting on the consent, EDF Energy Chief Executive Vincent de Rivaz, said: "Receiving permission to construct a new nuclear power station at Hinkley Point C is a huge achievement. This decision sets up a huge opportunity for this project to provide enormous benefits to the U.K. in jobs, skills, cutting carbon emissions and future energy security. We are ready to deliver and an extensive supply chain is standing by to begin work. To make this opportunity a reality, we need to reach agreement swiftly on the Contract for Difference for Hinkley Point C. It must offer a fair and balanced deal for consumers and investors. Intensive discussions with the Government are taking place and agreement is still possible. The success of this pioneering project will kick start the new nuclear programme in the UK and is expected to lead to lower costs for successive UK nuclear plants."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The U.K.'s Department of Energy and Climate Change (DECC) has granted planning consent to the construction of a new nuclear plant at Hinkley Point in Somerset, the first new nuclear power station in the U.K. since 1995. The 3,300-megawatt (MW) Hinkley Point C nuclear power plant will use two European Pressurised Reactors (EPRs), which will be capable of generating enough power for around 5 million homes - around 7% of the U.K.'s total electricity demand - when they are commissioned in 2018. The project will be overseen by Nuclear New Build (NNB) Generation Company (NNB GenCo), which is wholly owned by French energy giant, Electricite de France (EPA:EDF) (Paris).
"The planning decision to give consent to Hinkley Point follows a rigorous examination from the Planning Inspectorate, and detailed analysis within my Department," explained Edward Davey, Energy and Climate Change Secretary, following the consent order. "This planned new nuclear power station in Somerset will generate vast amounts of clean energy and enhance our energy security. It will benefit the local economy, through direct employment, the supply chain and the use of local services. I am confident that the planning decision I have made is robust, evidence-based, compatible with the Energy National Policy Statements and is in the best interests of the country. It's vital to get investment in new infrastructure to get the economy moving. Low carbon energy projects will bring major investment, supporting jobs and driving growth."
Last month, EDF lost its U.K. partner for new nuclear projects when Centrica plc (OTC:CPYYY) (Windsor, England) pulled out, blaming concerns over costs and project delays. Centrica, which owns British Gas, had the option to own a 20% stake in four reactors. EDF may now approach Chinese state-owned nuclear company, China Guangdong Nuclear Power Corporation (CGNPC) (Shenzhen), about joining its U.K. new build programme. For additional information, see February 8, 2013, article - Centrica Abandons U.K. Nuclear Projects.
EDF remains locked in negotiations with the government over its Contract for Difference (CfD) strike price for nuclear. It will not make a final investment decision in the project until it reaches an agreement.
Commenting on the consent, EDF Energy Chief Executive Vincent de Rivaz, said: "Receiving permission to construct a new nuclear power station at Hinkley Point C is a huge achievement. This decision sets up a huge opportunity for this project to provide enormous benefits to the U.K. in jobs, skills, cutting carbon emissions and future energy security. We are ready to deliver and an extensive supply chain is standing by to begin work. To make this opportunity a reality, we need to reach agreement swiftly on the Contract for Difference for Hinkley Point C. It must offer a fair and balanced deal for consumers and investors. Intensive discussions with the Government are taking place and agreement is still possible. The success of this pioneering project will kick start the new nuclear programme in the UK and is expected to lead to lower costs for successive UK nuclear plants."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
