Partly Cloudy

Partly Cloudy

max temp: 20°C

min temp: 10°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

Suffolk: Sizewell C power station could be part-funded by Chinese money

11:20 26 June 2014

A computer generated image of what the Sizewell C development might look like, alongside the current A and B power stations.

A computer generated image of what the Sizewell C development might look like, alongside the current A and B power stations.

The construction of a Sizewell C power station could be partly financed by Chinese companies – two of which are already set to invest in the first of the UK’s new nuclear plants, at Hinkley Point in Somerset.

EDF Energy says it is “too early” to discuss who will pay the £14billion bill for constructing a third power station on Suffolk’s Heritage Coast.

However, the likelihood of Chinese investment in Sizewell C has increased as a result of the recent visit to the UK of China’s premier, Li Keqiang .

He returned home with assurances that the Government would not only continue to encourage Chinese investment in nuclear power stations already planned but would also be receptive to that country’s industry designing, owning and running plants in the UK.

China General Nuclear Corporation and China National Nuclear Corporation are already set to invest in Hinkley Point C, due to be the first of the UK’s new nuclear power stations.

The companies, who together may take a share of between 30% and 40%, have been attracted by the UK Government’s commitment to “new nuclear” and the high guaranteed price for the electricity which will be generated by the Hinkley plant, well above current market rates.

Guaranteed price for electricity from Sizewell C will be slightly lower but still high enough to attract investment from China and elsewhere, although many European investors consider the risk of construction cost over-runs in respect of both projects to be too high.

Shut Down Sizewell Campaign spokesman, Peter Lanyon, said: “We’ll be in danger whoever invests in the project.”

An EDF Energy spokeswoman said: “EDF has worked with its Chinese partners for 30 years, starting with the construction and commissioning of the Daya Bay nuclear power station near Hong Kong.

“Our partners operate to the highest international standards and have considerable expertise in the construction and operation of nuclear power stations. Their sites are open to international inspection as well as being open to local people through visitor centres, just as we have in the UK.”

The spokeswoman said financial arrangements for Sizewell C would follow at a much later date as the company was still gearing up for the second stage of public consultation on its plans – an extra stage added into the process – which EDF is expecting to take place this autumn.

Meanwhile the French Government, which owns EDF Energy, has announced a target to reduce reliance on nuclear energy to 50% of total output by the year 2025.

France is currently 75% dependent on nuclear power.

1 comment

  • "Part funded by Chinese Money" !, the rest funded by inherited Tory wealth through Shares !

    Report this comment

    freedomf

    Thursday, June 26, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

Spending on Eating Out remained robust during April, according to a survey carried out for Greene King.

Britons continued to enjoy eating out during April, according to a new survey, despite reports of growing concern over the strength of the UK economy and the potential impact of a vote to leave the EU in next month’s referendum.

Meeting organised by the Institute of Directors about Suffolks burgeoning film industry. Julien Mery, co-founder of Livid Films and director of Film Suffolk, discussed how the creative community in Suffolk is putting the county on the UK and worlds creative industry map. L-R Sarah Brown, Graham Kill, Julien Mery and Old Jet's Jesse Quin.

A group of executives got to see the creative side of Suffolk’s economy at one of the county’s most popular filmmaking locations.

Oliver Paul, owner of the Suffolk Food Hall, DEFRA Secretary Liz Truss, South Suffolk MP James Cartlidge and Babergh District Councillor Jennie Jenkins meet for an informal meeting on the outcome of the RDPE funding provided for the commercial artisan kitchens in the Cookhouse at the Suffolk Food Hall.

Apprenticeship Levy funding from major supermarket chains and food manufacturers could deliver a boost to skills training for smaller food businesses and farming, a senior Government minister has said during a visit to Suffolk.

The Inspirations shop in Wickham Market,owned by shareholders in the community, is now officially open. Nick Denny from the Co-op cut the ribbon.

The much anticipated transformation of a Suffolk village’s former supermarket into a new community retail venture was celebrated this week - four years after the site was last in use.

New-build utility connections specialist Brookfield Utilities has reported increased annual profits.
Photo: Rui Vieira/PA Wire

Annual profits at Suffolk-based Brookfield Utilities have increased by more than one-third as it continues to add to the number of properties it connects.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24