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| Version 1 | Version 2 |
|---|---|
| Hinkley Point expected to 'get go-ahead' | Hinkley Point expected to 'get go-ahead' |
| (35 minutes later) | |
| The French energy giant EDF is expected to make its long-awaited final investment decision on a new nuclear power plant at Hinkley Point in Somerset next week. | The French energy giant EDF is expected to make its long-awaited final investment decision on a new nuclear power plant at Hinkley Point in Somerset next week. |
| The company says it has called a board meeting for 28 July and the investment decision is on the agenda. | The company says it has called a board meeting for 28 July and the investment decision is on the agenda. |
| BBC correspondent John Moylan said the firm's board is expected to give the plant the go-ahead. | BBC correspondent John Moylan said the firm's board is expected to give the plant the go-ahead. |
| It was initially due to cost £16bn, but recent estimates put the cost at £18bn. | |
| Last week the new Chancellor of the Exchequer Philip Hammond said the government remained committed to building a new nuclear power station at Hinkley Point in Somerset, despite the rising potential cost to the taxpayer of the electricity it will produce. | Last week the new Chancellor of the Exchequer Philip Hammond said the government remained committed to building a new nuclear power station at Hinkley Point in Somerset, despite the rising potential cost to the taxpayer of the electricity it will produce. |
| He said Hinkley was vital to a strong economy and still worth the cost. | He said Hinkley was vital to a strong economy and still worth the cost. |
| 'Financial capacity' | 'Financial capacity' |
| As part of the 35-year deal signed with France's EDF in 2013 to build the plant, the government agreed to pay £92.50 for each megawatt hour of electricity. | As part of the 35-year deal signed with France's EDF in 2013 to build the plant, the government agreed to pay £92.50 for each megawatt hour of electricity. |
| Wholesale energy prices have fallen since the price was agreed, leaving the government to make up the difference. | Wholesale energy prices have fallen since the price was agreed, leaving the government to make up the difference. |
| The UK's National Audit Office estimated future top-up payments would rise from £6.1bn to £29.7bn over the length of the contract. | The UK's National Audit Office estimated future top-up payments would rise from £6.1bn to £29.7bn over the length of the contract. |
| Analysis: John Moylan, BBC industry correspondent | Analysis: John Moylan, BBC industry correspondent |
| Is Hinkley Point C finally about to get the green light? | Is Hinkley Point C finally about to get the green light? |
| It's hard to interpret EDF's announcement late on Thursday night in any other way. | It's hard to interpret EDF's announcement late on Thursday night in any other way. |
| For the company to announce that it had called a board meeting and that the Hinkley decision is on the agenda sends a strong signal that it expects approval to be given. | For the company to announce that it had called a board meeting and that the Hinkley decision is on the agenda sends a strong signal that it expects approval to be given. |
| It's also clear that the French government is on board. With its 85% stake in EDF, its approval would have been needed for the company to move to this crucial stage. | It's also clear that the French government is on board. With its 85% stake in EDF, its approval would have been needed for the company to move to this crucial stage. |
| But the board still has to take the decision. With so much at stake, the possibility of a further delay can't be ruled out. | But the board still has to take the decision. With so much at stake, the possibility of a further delay can't be ruled out. |
| Hinkley Point C, which would provide 7% of the UK's total electricity requirements, had originally been meant to open in 2017. | Hinkley Point C, which would provide 7% of the UK's total electricity requirements, had originally been meant to open in 2017. |
| But it has been hit in recent months by concerns about EDF's financial capacity to handle the project. | But it has been hit in recent months by concerns about EDF's financial capacity to handle the project. |
| While one third of the £18bn capital costs of the project are being met by Chinese investors, Hinkley Point would remain an enormous undertaking for the stressed French company. | While one third of the £18bn capital costs of the project are being met by Chinese investors, Hinkley Point would remain an enormous undertaking for the stressed French company. |
| In its statement confirming next week's board meeting, EDF said Hinkley Point C was a "major element" of its low-carbon growth strategy. | In its statement confirming next week's board meeting, EDF said Hinkley Point C was a "major element" of its low-carbon growth strategy. |
| The two "reactors at Hinkley Point would strengthen EDF's presence in Britain, a country where its subsidiary EDF Energy already operates 15 nuclear reactors and is the largest electricity supplier by volume," it added. | The two "reactors at Hinkley Point would strengthen EDF's presence in Britain, a country where its subsidiary EDF Energy already operates 15 nuclear reactors and is the largest electricity supplier by volume," it added. |
| 'Open for business' | 'Open for business' |
| Welcoming the news of the meeting, the Business and Energy Secretary Greg Clark said: "It's clear that we are open for business as we come closer to sealing the deal on this major investment in British infrastructure and British jobs. | Welcoming the news of the meeting, the Business and Energy Secretary Greg Clark said: "It's clear that we are open for business as we come closer to sealing the deal on this major investment in British infrastructure and British jobs. |
| "New nuclear is an essential part of our plan for a secure, clean and affordable energy system that will power the economy throughout this century. | "New nuclear is an essential part of our plan for a secure, clean and affordable energy system that will power the economy throughout this century. |
| "This is a welcome decision from EDF, and we look forward to the outcome." | "This is a welcome decision from EDF, and we look forward to the outcome." |