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Released September 20, 2016 | SUGAR LAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The new U.K. government has confirmed the Hinkley Point C nuclear plant six weeks after it demanded a comprehensive review of the £18 billion ($23.7 billion) project.
The government has lifted the block following what it called a "revised agreement with developer Électricité de France SA (EPA:EDF) (Paris, France)" that will prevent Chinese and other foreign companies owning stakes in U.K. nuclear plants without government approval. State-owned China General Nuclear Power Company (CGN) (Shenzhen) holds a one-third share in the project, the first time a Chinese company has been involved in a major U.K. power project. The government said after Hinkley, it will take a "special share in all future nuclear new build projects" to increase national control.
Last month, the government halted the project to conduct a comprehensive review. For additional information, see August 1, 2016, article--EDF Go-Ahead for U.K. Nuclear Project but Government Wavers.
"Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the Government's agreement," said Greg Clark, U.K. Secretary of State for Business, Energy and Industrial Strategy. "Consequently, we have decided to proceed with the first new nuclear power station for a generation. Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security."
The decision was welcomed by EDF and China, both of which have been very vocal in denouncing the government's delays to the project. For additional information, see September 2, 2016, article - Nuclear Companies Pressure U.K. Government.
Jean-Bernard Lévy, EDF Group CEO said: "The decision of the British government to approve the construction of Hinkley Point C marks the re-launch of nuclear in Europe. It demonstrates the U.K.'s desire to lead the fight against climate change through the development of low-carbon electricity."
Fellow energy company Hitachi Limited (Tokyo, Japan) welcomed the news by reaffirming its commitment to building up to five nuclear power plants in the U.K. It is planning to build two reactors for the Oldbury II station near Bristol, England and two or three reactors at the Wylfa Newydd station in Wales. For additional information, see September 19, 2016, article--Hitachi Optimistic on U.K. Nuclear Plans after EDF's Project Approval.
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. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The government has lifted the block following what it called a "revised agreement with developer Électricité de France SA (EPA:EDF) (Paris, France)" that will prevent Chinese and other foreign companies owning stakes in U.K. nuclear plants without government approval. State-owned China General Nuclear Power Company (CGN) (Shenzhen) holds a one-third share in the project, the first time a Chinese company has been involved in a major U.K. power project. The government said after Hinkley, it will take a "special share in all future nuclear new build projects" to increase national control.
Last month, the government halted the project to conduct a comprehensive review. For additional information, see August 1, 2016, article--EDF Go-Ahead for U.K. Nuclear Project but Government Wavers.
"Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the Government's agreement," said Greg Clark, U.K. Secretary of State for Business, Energy and Industrial Strategy. "Consequently, we have decided to proceed with the first new nuclear power station for a generation. Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security."
The decision was welcomed by EDF and China, both of which have been very vocal in denouncing the government's delays to the project. For additional information, see September 2, 2016, article - Nuclear Companies Pressure U.K. Government.
Jean-Bernard Lévy, EDF Group CEO said: "The decision of the British government to approve the construction of Hinkley Point C marks the re-launch of nuclear in Europe. It demonstrates the U.K.'s desire to lead the fight against climate change through the development of low-carbon electricity."
Fellow energy company Hitachi Limited (Tokyo, Japan) welcomed the news by reaffirming its commitment to building up to five nuclear power plants in the U.K. It is planning to build two reactors for the Oldbury II station near Bristol, England and two or three reactors at the Wylfa Newydd station in Wales. For additional information, see September 19, 2016, article--Hitachi Optimistic on U.K. Nuclear Plans after EDF's Project Approval.
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. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
