UK’s first nuclear plant in 20 years to get final approval..or is it?
A spending decision on the planned nuclear power station at Hinkley Point in the UK is expected to get final approval on Thursday. If agreed, the £18 billion project will be the first nuclear plant to be built in the country in two decades.
The French state-owned energy company EDF is holding a board meeting to decide whether to give the green light to the major nuclear power plant project in southwest England. It would generate seven percent of Britain’s power providing electricity for about six million homes.
The Hinkley Point (HPC) nuclear power plant is expected to have an estimated lifetime of 60 years and is scheduled to begin generating in 2025, several years later than planned.
EDF is financing most of the project’s cost, while Chinese investors are expected to take a 33.5 percent stake. The main reason for the delay has been worries over funds, with French trade unions warning the massive investment could ruin EDF’s finances.
“HPC is a unique asset for French industry as it would benefit the whole of the nuclear industry and support employment in major companies and smaller enterprises in the sector,” said EDF.
UK unions said they would warmly welcome a positive decision on the project which would provide 25,000 jobs.
“We urge the EDF board to give the financial go-ahead on a project which will generate thousands of decent skilled jobs and help meet the energy needs of the UK for generations to come,” said Kevin Coyne, Unite union’s national officer for energy.
Plans to build the first new UK nuclear plant in 20 years have suffered an unexpected delay after the government postponed a final decision until the early autumn.
French firm EDF, which is financing most of the £18bn Hinkley Point project in Somerset, approved the funding at a board meeting.
Contracts were to be signed on Friday.
But Business Secretary Greg Clark has said the government will “consider carefully” before backing it.
According to reports, EDF’s chief executive Vincent de Rivaz has cancelled a trip to the UK on Friday following Mr Clark’s comments.
Critics of the plan have warned of environmental damage and potential escalating costs.
They are also concerned that the plant is being built by foreign governments. One third of the £18bn cost is being provided by Chinese investors.
“Plans to build the first new UK nuclear plant in 20 years have suffered an unexpected delay after the government postponed a final decision until the early autumn.”
oh..so its not on now?
“If agreed, the £18 billion project will be the first nuclear plant to be built in the country in two decades.”
and who are the money men?
“EDF is financing most of the project’s cost, while Chinese investors are expected to take a 33.5 percent stake.”