Rebecca Pow MP welcomed the news that EDF and its Chinese partner China General Nuclear Corporation (CNG) have committed to Hinkley Point C during this week’s landmark China State Visit, confirming that Somerset will have the first new nuclear power station in the UK for a generation.
The two companies have signed a Strategic Investment Agreement which sets out the terms of their partnership in the Hinckley project. EDF has confirmed it will take a 66.5% stake in Hinkley with CGN taking 33.5%, demonstrating a clear commitment from both parties.
The Government and EDF have finalised the detail of the Contract for Difference which offers increased price security for the electricity produced from Hinkley Point C. The Funded Decommissioning Programme will make sure that the tax payer doesn’t pick up the cost of decommissioning the plant in the future.
Hinkley Point C will provide low carbon electricity to 6 million homes for around 60 years and consumers won’t pay a penny until the plant is up and running. It will provide a vital boost for the national and local economy – creating 25 000 jobs nationally with at least 5000 people from Somerset expected to work directly on the project, providing a £40 million boost to the local economy every year.
The Hinkley Point C project is a significant step forward for the Governments energy policy. The priority is to provide clear, affordable and secure energy. Rebecca believes that this deal offers this for British consumers while creating major opportunities for British businesses.
Rebecca said
"I welcome the signing of this commitment between EDF and the Chinese consortium. The importance of Hinkley C for the future of the South West and UK energy mix cannot be underestimated especially as an invaluable commitment to a low carbon energy source. This news is a welcome boost to jobs and growth and is essential to the future economic success of the South West.
There is huge scope for our local businesses to work with the Hinkley developers to secure new revenue streams for this and future projects - EDF has made assurances that 75 % of the contracts for work will go to UK firms – which represents a tremendous opportunity for many of our top quality businesses.”