Hinkley gets Chinese funding go-ahead

Hinkley gets Chinese funding go-ahead

The Chinese General Nuclear Power Group is expected to sign a deal involving EDF Energy to build a £14Bn nuclear plant at Hinkley in Somerset, paving the way for a construction project that will create around 5,500 jobs.

 

Chancellor of the Exchequer George Osborne announced the breakthrough allowing Chinese investment in the stalled nuclear building programme on the last day of his trade visit to China. Details of the commercial deal to build the plant are expected to be announced by Energy Secretary Ed Davey on Monday.

 

This will be the UK’s first nuclear reactor since Sizewell B, which started operation in 1995. Chinese and other overseas funders are also understood to be examining other sites in the UK for nuclear investment.

 

Hinkley will bring together technology from France and Japan and funding from China in what could be the first of a number of nuclear projects. The project was granted planning permission earlier this year but a major stumbling block has been the price to be guaranteed to EDF for the Hinkley plant’s output. The deal to be announced on Monday is expected to be about double the current market price of electricity.

 

Companies already awarded contracts on the Hinkley project include Bouygues, Laing O’Rourke, Bam Nuttall, Kier and Balfour Beatty. A joint venture of Costain and Sir Robert McAlpine is expected to be awarded a £200M contract for intake/outlet tunnels.

 

Other Chinese funding has already been secured for a £650M business district at Manchester airport, and a £500M redevelopment at Crystal Palace, London.

 

Photo: EDF Energy

Please rate

Comments 

Ctrl + Enter

Most Read

Is there a post-Brexit salary rise? It looks like it...

Is there a post-Brexit salary rise? It looks like it...

Following the Brexit vote in June last year, many experts predicted that markets would continue to fall leaving salaries stagnating and even falling in some sectors. Data shows the pace at which new jobs are being created is still slower than in 2014, with economic growth affected by the

Julian Taylor, Water Recruitment Team Leader

Julian Taylor, Water Recruitment Team Leader

Today we interviewed Julian Taylor, the Head of the Water Team at Anglo. He shares his thoughts on the water industry and gives some useful advice to professionals who are working in the Water and Wastewater industries.   A: What is your professional background? J: Well, I have been in

Some thoughts on the place of Women in Engineering

Some thoughts on the place of Women in Engineering

According to the latest women in engineering statistics from EngineeringUK 2017 report “women make up only 1 in 8 of those in engineering occupations and less than 1 in 10 of those in an engineering role within an engineering company”.  Would having more women engineers help tackle

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.