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UK nuclear power plant set for go-ahead UK nuclear power plant set for go-ahead
(35 minutes later)
The government is set to give the go-ahead for the UK's first new nuclear plant in a generation on Monday.The government is set to give the go-ahead for the UK's first new nuclear plant in a generation on Monday.
French-owned EDF Energy will lead a consortium that includes Chinese investors to build the Hinkley Point C power station in Somerset.French-owned EDF Energy will lead a consortium that includes Chinese investors to build the Hinkley Point C power station in Somerset.
Ministers and EDF have been in talks for more than a year.Ministers and EDF have been in talks for more than a year.
But it is understood that the two sides have agreed the all-important "strike price" - the guaranteed rate to be paid for electricity produced at the site.But it is understood that the two sides have agreed the all-important "strike price" - the guaranteed rate to be paid for electricity produced at the site.
Chancellor George Osborne removed another obstacle last week when he announced that Chinese firms will be allowed to invest in civil nuclear projects in the UK.Chancellor George Osborne removed another obstacle last week when he announced that Chinese firms will be allowed to invest in civil nuclear projects in the UK.
The existing plant at Hinkley currently produces about 1% of the UK's total energy, but that would rise to 7% once the expansion is complete.The existing plant at Hinkley currently produces about 1% of the UK's total energy, but that would rise to 7% once the expansion is complete.
The two reactors proposed for Hinkley, which will provide power until around the second half of this century, are a key part of the coalition's drive to shift the UK away from fossil fuels towards low-carbon power.The two reactors proposed for Hinkley, which will provide power until around the second half of this century, are a key part of the coalition's drive to shift the UK away from fossil fuels towards low-carbon power.
However, BBC business correspondent Joe Lynam says this will come at a price, with the government promising to pay the owners of Hinkley Point a fixed fee possibly between £90-£93 per megawatt per hour. However, BBC business correspondent Joe Lynam says this will come at a price, with the government promising to pay the owners of Hinkley Point a fixed fee of possibly between £90-£93 for every megawatt of power generated per hour.
"That's almost twice the current wholesale market price for electricity at around £50," he said. "And the government will be paying that price for 30-40 years irrespective of whether market prices soar or collapse.""That's almost twice the current wholesale market price for electricity at around £50," he said. "And the government will be paying that price for 30-40 years irrespective of whether market prices soar or collapse."
Monday's announcement comes as concerns about domestic energy bills move up the agenda after some of the big gas and electricity suppliers to raised prices.Monday's announcement comes as concerns about domestic energy bills move up the agenda after some of the big gas and electricity suppliers to raised prices.
The Archbishop of Canterbury Justin Welby and Deputy Prime Minister Nick Clegg both raised concerns about the increases on Sunday.The Archbishop of Canterbury Justin Welby and Deputy Prime Minister Nick Clegg both raised concerns about the increases on Sunday.
Mr Welby told the Mail on Sunday the companies had to be "conscious of their social obligations" and "behave with generosity and not merely to maximise opportunity".Mr Welby told the Mail on Sunday the companies had to be "conscious of their social obligations" and "behave with generosity and not merely to maximise opportunity".
And Mr Clegg told Sky News that gas and electricity companies should provide more evidence that the price rises were needed at all.And Mr Clegg told Sky News that gas and electricity companies should provide more evidence that the price rises were needed at all.