Partly Cloudy

Partly Cloudy

max temp: 6°C

min temp: 2°C

ESTD 1874 Search

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.

shares

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.

shares

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

Jo Harris worked at the B&M store in Copdock until 2013, and despite being an employee there was issued two fines of £70 for parking.

A group of former employees at a store in Ipswich have been left distraught after car park fines mistakenly issued more than two years ago has left them facing a court appearance.

RAF Mildenhall is due to close in four years.

Science, technology and engineering are three words which many are hoping will become synonymous with west Suffolk if several new projects can be pulled off.

A British Airways Embraer airliner at London City Airport

British Airways is to start flying from Stansted Airport this summer, it was announced today.

Stoke by Nayland Hotel, Golf & Spa.

Stoke by Nayland Hotel, Golf & Spa has been named as a finalist in VisitEngland’s Awards for Excellence.

Thompson and Frist Choice travel brochures.

Thomson and First Choice owner TUI said yesterday that summer holiday bookings to Turkey had slumped by 40% after recent terrorist attacks.

Most read

Fred Olsen Travel Sale

cover

Click here to view
the Fred Olsen
Travel Sale

View

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24