Posted on: 04/10/2016
The UK Government and French power giant EDF have signed the agreement for the UK’s first new nuclear power station for a generation.
The formal contract signing follows the Government’s decision to proceed with the £18bn project in the wake of a review and revised agreement with EDF.
During a signing ceremony in London, the Secretary of State for Business, Energy and Industrial Strategy, Greg Clark, the Chairman and CEO of EDF, Jean-Bernard Levy and the Chairman of CGN, He Yu signed the final documentation to enable Hinkley Point C to go-ahead.
The Government said the signing of the Contract for Difference and Investor Agreement for Hinkley Point C marked a “significant step forward for a new era of nuclear power in the UK”.
26,000 jobs expected to be created
Greg Clark, Secretary of State for Business, Energy and Industrial Strategy, said:
“Signing the Contract for Difference for Hinkley Point C is a crucial moment in the UK’s first new nuclear power station for a generation and follows new measures put in place by Government to strengthen security and ownership.
“Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear power stations like Hinkley play an important part in ensuring our future low-carbon energy security.
Hinkley will provide seven per cent of Britain’s electricity needs for sixty years. UK-based businesses are expected to benefit from more than 60% of the value of the project and 26,000 jobs and apprenticeships will be created.
> Read the contractual documents in full