Hinkley Point C wins new investment from British government

• 8 years ago (2015-09-21)
• David Flin

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George Osborne, Chancellor of the Exchequer of the UK, has announced that the UK government will make a fresh investment in the £24.5 billion Hinkley Point C nuclear power project. Osborne made the announcement while on a five-day tour of China, where he is hoping to secure further funding for Britain’s nuclear industry. Osborne announced a new government guarantee worth £2 billion to underwrite the plant, which is due to be built partly with Chinese investments.

The UK Treasury said the new plant would boost Britain’s energy security and open the door to unprecedented collaboration in the UK and China on the construction of new nuclear power stations.

The new infrastructure guarantee is intended to pave the way for a final investment decision later this year by EDF, supported by China General Nuclear Corporation and China National Nuclear Corporation. The European Commission approved the construction of the site in October 2014.

Amber Rudd, Energy Secretary for the UK, said: “New nuclear power is a vital part of our long-term plan to provide secure, clean energy supplies … in the decades ahead.”