This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-24604218
The article has changed 14 times. There is an RSS feed of changes available.
| Version 7 | Version 8 |
|---|---|
| UK nuclear power plant gets go-ahead | UK nuclear power plant gets go-ahead |
| (35 minutes later) | |
| The government has given the go-ahead for the UK's first new nuclear station in a generation. | The government has given the go-ahead for the UK's first new nuclear station in a generation. |
| France's EDF Energy will lead a consortium, which includes Chinese investors, to build the Hinkley Point C plant in Somerset. | France's EDF Energy will lead a consortium, which includes Chinese investors, to build the Hinkley Point C plant in Somerset. |
| Ministers say the deal will help take the UK towards low-carbon power and lower generating costs in future. | Ministers say the deal will help take the UK towards low-carbon power and lower generating costs in future. |
| Critics warn guaranteeing the group a price for electricity at twice the current level will raise bills. | Critics warn guaranteeing the group a price for electricity at twice the current level will raise bills. |
| "For the first time, a nuclear station in this country will not have been built with money from the British taxpayer," said Secretary of State for Energy Edward Davey. | "For the first time, a nuclear station in this country will not have been built with money from the British taxpayer," said Secretary of State for Energy Edward Davey. |
| The two reactors planned for Hinkley, which will provide power for around 60 years, are a key part of the coalition's drive to shift the UK away from fossil fuels towards low-carbon power. | The two reactors planned for Hinkley, which will provide power for around 60 years, are a key part of the coalition's drive to shift the UK away from fossil fuels towards low-carbon power. |
| Ministers and EDF have been in talks for more than a year about the minimum price the company will be paid for electricity produced at the site, which the government estimates will cost £16bn to build. | |
| The two sides have now agreed the "strike price" of £92.50 for every megawatt of power Hinkley C generates per hour. | The two sides have now agreed the "strike price" of £92.50 for every megawatt of power Hinkley C generates per hour. |
| 'Competitive' | |
| This will fall to £89.50 for every megawatt of power if EDF Group goes ahead with plans to develop a new nuclear power station at Sizewell in Suffolk. Doing both would allow EDF to share costs across both projects. | This will fall to £89.50 for every megawatt of power if EDF Group goes ahead with plans to develop a new nuclear power station at Sizewell in Suffolk. Doing both would allow EDF to share costs across both projects. |
| Mr Davey said the deal was "competitive" with other large-scale clean energy and gas projects. | |
| "While consumers won't pay anything up front, they'll share directly in any gains made from the project coming in under budget," he added. | |
| Chinese companies China National Nuclear Corporation and China General Nuclear Power Corporation will be minority shareholders in the project. | |
| The move follows Chancellor George Osborne's announcement last week 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 this is expected to rise to 7% once the expansion is complete in 2023. | |
| The announcement is not legally binding and it will be 2014 before EDF makes a final investment decision on the project. The plans will also require state aid clearance from the European Commission. | |
| But it comes as concerns about domestic energy bills move up the agenda after SSE and British Gas, two of the UK's "big six" gas and electricity suppliers raised prices. | |
| The government estimates that the average bill in 2030 will be £77 lower than they would be without new nuclear. |