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| UK nuclear power plant set for go-ahead | UK nuclear power plant set for go-ahead |
| (about 3 hours 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 of possibly between £90-£93 for every megawatt of power generated 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 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. |