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Released October 06, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Final contracts for the U.K.'s first new nuclear power plant in more than 25 years have been signed by the government and developer Électricité de France SA (EPA:EDF) (Paris, France).
Despite almost a year of delays and uncertainty, the £18 billion ($23.7 billion) Hinkley Point C project is good to go, following a comprehensive review and a reviewed agreement. The signing ceremony in London was attended by Secretary of State for Business, Energy and Industrial Strategy, Greg Clark; the chairman and chief executive officer of EDF, Jean-Bernard Levy; and the chairman of China General Nuclear Power Company (CGN) (Shenzhen), He Yu.
"Signing the Contract for Difference for Hinkley Point C is a crucial moment in the U.K.'s first new nuclear power station for a generation and follows new measures put in place by Government to strengthen security and ownership," said Minister Clark. "Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear power stations like Hinkley play an important part in ensuring our future low-carbon energy security."
The plant will use two European Pressurized Reactors (EPR) reactors that will give Hinkley Point C a generating capacity of 3,300 megawatts (MW), enough to meet 7% of the U.K.'s future electricity needs.
EDF Energy Chief Executive Officer Vincent de Rivaz said: "Hinkley Point C will kick-start Britain's nuclear revival. It has overcome obstacles and challenges which will benefit our next nuclear projects in Britain. This huge investment has been made possible by the consistent policies of successive Governments to provide secure, affordable, low-carbon electricity. I want to thank our team, our suppliers, trade unions and the people of Somerset for their dedication, determination and patience. Their support has been vital to our success."
Hinkley has suffered numerous delays in the past year, ranging from resistance within EDF's senior management to the new U.K. government's demanding a comprehensive review of the project over its concerns regarding China's 33.5% stake in the project. Last month, the government agreed to lift the halt on the project. For additional information, see September 20, 2016, article--U.K. Lifts Block on Hinkley Point Nuclear Project.
In recent weeks, Industrial Info reported that General Electric Company (NYSE:GE) (Fairfield, Connecticut) has been awarded a $1.9 billion contract to supply steam turbines to the Hinkley Point C project. For additional information, see September 21, 2016, article--GE Lands $1.9 Billion U.K. Nuclear Contract.
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.
Despite almost a year of delays and uncertainty, the £18 billion ($23.7 billion) Hinkley Point C project is good to go, following a comprehensive review and a reviewed agreement. The signing ceremony in London was attended by Secretary of State for Business, Energy and Industrial Strategy, Greg Clark; the chairman and chief executive officer of EDF, Jean-Bernard Levy; and the chairman of China General Nuclear Power Company (CGN) (Shenzhen), He Yu.
"Signing the Contract for Difference for Hinkley Point C is a crucial moment in the U.K.'s first new nuclear power station for a generation and follows new measures put in place by Government to strengthen security and ownership," said Minister Clark. "Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear power stations like Hinkley play an important part in ensuring our future low-carbon energy security."
The plant will use two European Pressurized Reactors (EPR) reactors that will give Hinkley Point C a generating capacity of 3,300 megawatts (MW), enough to meet 7% of the U.K.'s future electricity needs.
EDF Energy Chief Executive Officer Vincent de Rivaz said: "Hinkley Point C will kick-start Britain's nuclear revival. It has overcome obstacles and challenges which will benefit our next nuclear projects in Britain. This huge investment has been made possible by the consistent policies of successive Governments to provide secure, affordable, low-carbon electricity. I want to thank our team, our suppliers, trade unions and the people of Somerset for their dedication, determination and patience. Their support has been vital to our success."
Hinkley has suffered numerous delays in the past year, ranging from resistance within EDF's senior management to the new U.K. government's demanding a comprehensive review of the project over its concerns regarding China's 33.5% stake in the project. Last month, the government agreed to lift the halt on the project. For additional information, see September 20, 2016, article--U.K. Lifts Block on Hinkley Point Nuclear Project.
In recent weeks, Industrial Info reported that General Electric Company (NYSE:GE) (Fairfield, Connecticut) has been awarded a $1.9 billion contract to supply steam turbines to the Hinkley Point C project. For additional information, see September 21, 2016, article--GE Lands $1.9 Billion U.K. Nuclear Contract.
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.
