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Released October 23, 2015 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The first new nuclear power project in the U.K. in more than 25 years is set to proceed, following the confirmation of a final investment decision by Electricite de France (EPA:EDF) (Paris) and its minority Chinese partner, China General Nuclear Power Company (CGN).
The announcement was made at a news conference by Prime Minister David Cameron during the U.K. state visit by China President Xi Jinping.
Announcing that China and the U.K. would be signing trade deals worth upward of £30 billion ($46 billion) during the four-day visit, Cameron said: "I'm pleased to announce today that we are signing a historic deal to build the Hinkley nuclear power station, providing reliable and affordable energy for almost 6 million homes and creating almost 25,000 jobs, all the while working together to build a low-carbon future."
EDF said the plant will cost £18 billion ($28 billion) to construct, and state-owned CGN will pay £6 billion ($9 billion) for its 33.5% share in the project. It is expected to be commissioned in 2025.
The 3,300-megawatt (MW) Hinkley Point C nuclear power plant will be the first new nuclear plant in the U.K. in more than 25 years. It will use two European Pressurized Reactors (EPRs), which will be capable of generating enough power for about 5 million homes, which is equivalent to about 7% of the U.K.'s total electricity demand. The project will be developed by Nuclear New Build (NNB) Generation Company (NNB GenCo), which was formed by EDF.
Energy Secretary Amber Rudd said: "The U.K. 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 6 million households with low-carbon energy. 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 Chief Executive Officer Vincent de Rivaz added: "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."
In September, Industrial Info reported on the U.K.'s efforts to speed up the deal when it offered a financial guarantee of £2 billion ($3.1 billion), claiming that nuclear power stations are essential to "make sure the lights stay on." For additional information, see September 23, 2015, article - £2 Billion Pledge to get Hinkley Nuclear Project Ball Rolling.
EDF has awarded a number of contracts already to: AREVA S.A. (EPA:CEI) (Paris, France) (nuclear steam supply system, instrumentation and control), Alstom S.A. (OTC:ALSMY) (Paris, France) (turbines) and Alstom U.K. (services during operations), Bouygues TP/Laing O'Rourke (main civil works) and BAM Nuttal/Kier Infrastructure (earthworks).
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, 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. To contact an office in your area, visit the Industrial Info "Contact Us" page.
The announcement was made at a news conference by Prime Minister David Cameron during the U.K. state visit by China President Xi Jinping.
Announcing that China and the U.K. would be signing trade deals worth upward of £30 billion ($46 billion) during the four-day visit, Cameron said: "I'm pleased to announce today that we are signing a historic deal to build the Hinkley nuclear power station, providing reliable and affordable energy for almost 6 million homes and creating almost 25,000 jobs, all the while working together to build a low-carbon future."
EDF said the plant will cost £18 billion ($28 billion) to construct, and state-owned CGN will pay £6 billion ($9 billion) for its 33.5% share in the project. It is expected to be commissioned in 2025.
The 3,300-megawatt (MW) Hinkley Point C nuclear power plant will be the first new nuclear plant in the U.K. in more than 25 years. It will use two European Pressurized Reactors (EPRs), which will be capable of generating enough power for about 5 million homes, which is equivalent to about 7% of the U.K.'s total electricity demand. The project will be developed by Nuclear New Build (NNB) Generation Company (NNB GenCo), which was formed by EDF.
Energy Secretary Amber Rudd said: "The U.K. 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 6 million households with low-carbon energy. 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 Chief Executive Officer Vincent de Rivaz added: "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."
In September, Industrial Info reported on the U.K.'s efforts to speed up the deal when it offered a financial guarantee of £2 billion ($3.1 billion), claiming that nuclear power stations are essential to "make sure the lights stay on." For additional information, see September 23, 2015, article - £2 Billion Pledge to get Hinkley Nuclear Project Ball Rolling.
EDF has awarded a number of contracts already to: AREVA S.A. (EPA:CEI) (Paris, France) (nuclear steam supply system, instrumentation and control), Alstom S.A. (OTC:ALSMY) (Paris, France) (turbines) and Alstom U.K. (services during operations), Bouygues TP/Laing O'Rourke (main civil works) and BAM Nuttal/Kier Infrastructure (earthworks).
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, 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. To contact an office in your area, visit the Industrial Info "Contact Us" page.
