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Released June 26, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - The U.K. has opened the door for China to invest in the country's new nuclear build programme following the historic signing of a civil nuclear agreement.
The signing was accompanied by a separate landmark agreement that would allow Chinese companies to build, own and operate a Chinese-designed nuclear power station in the U.K., provided it meets the requirements of the UK's independent regulator.
The government said that deal could be worth hundreds of millions of pounds to the economy over several years. It was signed by British Prime Minister, David Cameron, and China's Premier, Li Keqiang, during a recent state visit to the U.K.. The Department of Energy & Climate Change (DECC) said the agreement paves the way forward for China to invest in the permitted Hinkley C nuclear power project.
Energy and Climate Change Secretary Ed Davey commented: "China and the U.K. stand united in our plans for more collaborative working that will help to achieve long lasting energy security in our own countries. Both governments recognise that tackling climate change is fundamental to our future and have committed to reduce emissions while enhancing energy security by investing in nuclear power. The joint statement with China reflects our shared intent to re-double efforts for an ambitious global agreement and domestic solutions to climate change."
The U.K. first announced its support for Chinese involvement in the Hinkley project last October after project owner, French energy giant Electricite de France (EPA:EDF) (Paris), confirmed that two Chinese companies, China General Nuclear Power Company (CGN) and China National Nuclear Corporation (CNNC), would become minority shareholders in the project with a joint stake of between 30-40%. For additional information, see October 18, 2013, article - U.K. Clears Way for Chinese Companies to Invest in Nuclear Plants.
The 3,300-megawatt (MW) Hinkley Point C nuclear power plant -- the first new nuclear plant in the U.K. for more than 25 years - will use two European Pressurised Reactors (EPRs), which will be capable of generating enough power for around 5 million homes -- which is equivalent to about 7% of the U.K.'s total electricity demand. It will be commissioned in 2018 and will developed by Nuclear New Build (NNB) Generation Company (NNB GenCo), which was formed by EDF.
View Project Report - 300009866
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine 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 signing was accompanied by a separate landmark agreement that would allow Chinese companies to build, own and operate a Chinese-designed nuclear power station in the U.K., provided it meets the requirements of the UK's independent regulator.
The government said that deal could be worth hundreds of millions of pounds to the economy over several years. It was signed by British Prime Minister, David Cameron, and China's Premier, Li Keqiang, during a recent state visit to the U.K.. The Department of Energy & Climate Change (DECC) said the agreement paves the way forward for China to invest in the permitted Hinkley C nuclear power project.
Energy and Climate Change Secretary Ed Davey commented: "China and the U.K. stand united in our plans for more collaborative working that will help to achieve long lasting energy security in our own countries. Both governments recognise that tackling climate change is fundamental to our future and have committed to reduce emissions while enhancing energy security by investing in nuclear power. The joint statement with China reflects our shared intent to re-double efforts for an ambitious global agreement and domestic solutions to climate change."
The U.K. first announced its support for Chinese involvement in the Hinkley project last October after project owner, French energy giant Electricite de France (EPA:EDF) (Paris), confirmed that two Chinese companies, China General Nuclear Power Company (CGN) and China National Nuclear Corporation (CNNC), would become minority shareholders in the project with a joint stake of between 30-40%. For additional information, see October 18, 2013, article - U.K. Clears Way for Chinese Companies to Invest in Nuclear Plants.
The 3,300-megawatt (MW) Hinkley Point C nuclear power plant -- the first new nuclear plant in the U.K. for more than 25 years - will use two European Pressurised Reactors (EPRs), which will be capable of generating enough power for around 5 million homes -- which is equivalent to about 7% of the U.K.'s total electricity demand. It will be commissioned in 2018 and will developed by Nuclear New Build (NNB) Generation Company (NNB GenCo), which was formed by EDF.
View Project Report - 300009866
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine 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.
