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 

Name
Email
  Ctrl + Enter

Most Read

CP7 projects announced for Wales & Western region

CP7 projects announced for Wales & Western region

Network Rail has announced AmcoGiffen, Octavius, BAM Nuttall, Morgan Sindall Infrastructure, and Taylor Woodrow will be among their trusted suppliers involved in delivering Wales and Western region’s £2bn programme of works over the next eight years.   The six contracts play a

Anglian Water advances 68km water main plan

Anglian Water advances 68km water main plan

Hundreds of kilometres of new interconnecting pipelines – stretching from North Lincolnshire, through Cambridgeshire, to Suffolk and Essex – will be laid as part of the scheme.   The Bury St Edmunds to Colchester pipeline will run for 68km and includes new above-ground assets in

Record bridge slide completed for HS2

Record bridge slide completed for HS2

According to HS2 Ltd, installation of the Marston Box bridge represents the world’s longest box slide.   Around 450 people from Balfour Beatty Vinci (BBV) – HS2’s construction contractor in the Midlands – took part in the 40-hour operation between Christmas Eve and

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.