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Hinkley Point contract is signed

September 30, 2016

 

The government and French energy giant EDF have signed the key contract for the new £18bn Hinkley Point C nuclear power station.

EDF boss Jean-Bernard Levy joined officials from the UK, France and China at the behind-closed-doors ceremony in London on Thursday.

Earlier this month, the government gave the go-ahead for the plant which will power nearly six million homes.

It will be the UK's first new nuclear plant in a generation.

The meeting was a second attempt at finalising the deal after Prime Minister Theresa May unexpectedly announced in July that she wanted time to scrutinise it.

 With her approval now granted and the contracts updated, the formal signing took place at a ceremony attended by Business Secretary Greg Clark and French Foreign Minister Jean-Marc Ayrault.

China's National Energy Administration director, Nur Bekri, and the chairman of Chinese firm CGN, He Yu, also attended.

Mr Clark said that signing the contract was a "crucial moment" and that Hinkley played "an important part in ensuring our future low-carbon energy security".

Mr Ayrault said he was pleased that the UK government had decided to go ahead with the project.

Dozens of contracts running to thousands of pages for the huge project in Somerset are believed to have been prepared ahead of the event.

The key document is the Contract for Difference, or CfD, which gives a guaranteed price for the electricity Hinkley will generate for 35 years.

In return EDF, along with CGN, will finance the project and shoulder the risk of any delays.

 

Full article on BBC News Website: http://www.bbc.co.uk/news/business-37502547

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