PLEA Network

15 September 2016, Energy Post, UK government approves Hinkley Point C. The UK Department of Business, Energy and Industrial Strategy announced this morning that the government goes ahead with the Hinkley Point C nuclear power project. This is a very important decision for the nuclear energy sector in Europe, especially EDF, and energy policy in general. Below we give the literal text of the press release put out by the UK Department of Business, Energy and Industrial Strategy, explaining that the government is taking extra precautions to ensure that it is able at all times to control its nuclear industry, after concerns about the Chinese involvement in the project. There is no change in the “strike price” of 92.50 pounds per MWh (inflation-proof, 35 years) that has been agreed with builders EDF, which has been criticized by many as too expensive. “Following a comprehensive review of the Hinkley Point C project, and a revised agreement with EDF, the Government has decided to proceed with the first new nuclear power station for a generation. However, ministers will impose a new legal framework for future foreign investment in Britain’s critical infrastructure, which will include nuclear energy and apply after Hinkley. The agreement in principle with EDF means that: The Government will be able to prevent the sale of EDF’s controlling stake prior to the completion of construction, without the prior notification and agreement of ministers. This agreement will be confirmed in an exchange of letters between the Government and EDF. Existing legal powers, and the new legal framework, will mean that the Government is able to intervene in the sale of EDF’s stake once Hinkley is operational. The new legal framework for future foreign investment in British critical infrastructure will mean that: After Hinkley, the British Government will take a special share in all future nuclear new build projects. This will ensure that significant stakes cannot be sold without the Government’s knowledge or consent. Read More here