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22/10/2015

Agreement reached for Hinkley Point C

Words: Laura Edgar
Illustrative view of twin reactors Hinkley Point C

An “historic deal” has been signed that will see China invest in nuclear power station Hinkley Point C.

In a joint press conference yesterday with President Xi Jinping of China, Prime Minister David Cameron announced that “we’re signing an historic deal to build the Hinkley nuclear power station, providing reliable, affordable energy to nearly six million homes and creating more than 25,000 jobs, all the while working together to build a low carbon future”.

EDF Energy confirmed that it has signed a Strategic Investment Agreement for the construction and operation of the proposed Hinkley Point C nuclear station in Somerset with China General Nuclear Power Corporation (CGN).

Under the Strategic Investment Agreement, EDF’s share in the power station will be 66.5 per cent and CGN’s will be 33.5 per cent.

CGN will make its investment in the UK through its new company called General Nuclear International (GNI).

EDF and CGN have also agreed the heads of terms for the joint development of power stations at Sizewell in Suffolk and Bradwell in Essex.

EDF chairman Jean-Bernard Lévy said: “This is a big step forward for EDF’s 30 year partnership with our Chinese partner CGN. Our ambitious nuclear projects are strongly supported by the governments of the UK, China and France and they will bring benefits to all three countries. I am confident that our experience and ability mean we will successfully deliver Hinkley Point C and subsequent projects. We are planning for a final investment decision within weeks so that we can move forward with construction.”

Chairman of CGN, He Yu, said: “Entering the UK’s nuclear market marks a new phase for CGN. At the same time this is also a triple-win for the existing nuclear energy partnership between China, France and the UK. CGN is highly committed to delivering safe, cost efficient, and sustainable energy and to supporting the UK’s goal of becoming a low-carbon society.”

Image courtesy of EDF

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