China invests PS6 Billion in Hinkley Point Nuclear Project

China has invested PS6 Billion in Hinkley Point Nuclear Project in Somerset. This announcement was made by the Chinese President Xi Jinping and Prime Minister David Cameron at a press conference. China General Nuclear Power Corporation and French nuclear plant operator EDF reached an agreement to jointly invest PS6 billion at Hinkley in a 33.5 percent stake. CGN will build 2 reactors in Sizewell, Suffolf. CGN will be granted a licence by EDF to build a nuclear power plant at Bradwell, Essex. The station is Chinese-designed. China will be able to expand its nuclear power presence on other markets by building a plant in Britain. For at most a decade, the Hinkley nuclear power plant will be in partial operation. According to the UK, this project was necessary in order to replace older reactors and polluting co-generation plants. Hinkley is the first European Union nuclear power plant to be built since 2011.. Final cost for the project will be PS 18 trillion. EDF stated that it could possibly sell another 15% share in the project. PS 92. was the price that EDF guaranteed. 50 for every megawatt hour that Hinkley plants generates in the coming 35 year. This is however more than double the cost of current power, and could lead to energy becoming more costly for British customers. UK hopes the project will encourage the construction of new nuclear power stations. The Government will fund new nuclear power stations. This will be kicked-started by Hinkley Point C and it is likely to be followed up with more nuclear power stations,” stated Amber Rudd (Britain’s Energy Minister) in a statement.

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