EDF Energy asks Government to back nuclear reactor investment
Hinkley Point energy giant EDF has asked the Government to back its investment in the nuclear reactors it wants to build in the UK.
The French company has argued its multi-billion pound planned nuclear station in Somerset is one of the UK’s top five infrastructure projects and, as a result, could be eligible for a state-backed guarantee.
The Financial Times reported that talks between EDF and the Government were at an early stage and formal discussions could start after both sides had agreed a fixed price for the nuclear power generated there. The Government has repeatedly said there would be no public subsidy for new nuclear reactors in the UK.
Hinkley Point no longer involves any major British companies after Centrica, owner of British Gas, announced last week that it would not exercise its option to take a 20 per cent stake in EDF’s reactor-building programme due to its rising costs. EDF has been in talks with state-owned Chinese companies, but has said it would need clarity on the price of its nuclear-generated electricity before it could bring any new investors on board.
Business Cards From Only £10.95 Delivered www.myprint-247.co.ukView details
Our heavyweight cards have FREE UV silk coating, FREE next day delivery & VAT included. Choose from 1000's of pre-designed templates or upload your own artwork. Orders dispatched within 24hrs.
Terms: Visit our site for more products: Business Cards, Compliment Slips, Letterheads, Leaflets, Postcards, Posters & much more. All items are free next day delivery. www.myprint-247.co.uk
Contact: 01858 468192
Valid until: Friday, May 31 2013
EDF, which owns and operates eight of the UK’s existing 10 nuclear power stations, is planning a new twin-reactor plant at Hinkley Point on the Somerset coast.
In a statement earlier this month, EDF Energy CEO Vincent de Rivaz said: “The project at Hinkley Point C is making good progress. EDF is working with Government to agree a price for the electricity at Hinkley Point C which will be fair and balanced for UK consumers and investors.”
The Treasury’s UK Guarantees scheme, unveiled last July, is intended to underwrite up to £40 billion of infrastructure investments. It is designed to kickstart critical projects which are struggling to access private finance.
The coalition has said £110 billion of investment in Britain’s infrastructure will be needed over the next decade.