Government has given the green light to new nuclear at Hinkley Point. The decision has received a mixed reaction but ends uncertainty around bill payer support for the project.
EDF can now begin work proper on the project, which, if successfully constructed, could deliver up to 7% of the UK’s baseload power. It will receive an index-linked price of £92.50 per MW for 35 years under the contract for difference support regime. That compares with support rates of around £80/MW for onshore wind and solar under the CFD scheme, and up to £120/MW for offshore wind and energy from waste.
Government said it would draw up a new legal framework for new nuclear in the UK – which would apply after Hinkley is built.
On announcing the decision, Greg Clark, secretary of state for business, energy and industrial strategy, said: “Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the Government’s agreement. Consequently, we have decided to proceed with the first new nuclear power station for a generation.
“Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security.”
See the full announcement here.
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