EDF News Update: Government Gives Go Ahead for Nuclear Station
EDF News Update: Government gives go ahead for nuclear station. The first nuclear power plant in a generation is to be built at Hinkley Point in Somerset.
EDF France will be leading the consortium that will build the power plant. The consortium includes Chinese investors in the project to build the Point C plant in Somerset.
Government have said that the project will improve the UK’s low carbon emission efforts and will also reduce the cost of generating energy in the future. However critics are not so convinced and have warned that guaranteeing the group a price for the generated electricity will inevitably lead to prices being raised. The Secretary of State for Energy, Edward Davey has said that the project had the advantage of being the first such venture that did not have to be financed by the British taxpayer. The two nuclear reactors that are planned for Hinkley will be able to provide energy for sixty years. They are part of a big push by the coalition government to steer away from fossil fuels and towards power from low-carbon emission.
EDF News Update
Ministers from the coalition have been talking to executives from EDF for over a year now about the price that the company will take in payment for the electricity that is produced on site. The estimate for the price of the build is sixteen billion pounds. It has been announced that the two sides are now in agreement on a ‘strike price’ of £92.50 for every megawatt hour of energy that the nuclear power station produces. This price is almost twice as much as the current price for wholesale electricity.
This price, however, will fall to a figure of £89.50 for every megawatt hour of energy produced if the EDF Group do go ahead with the plans that they have to develop another new nuclear power station at the Sizewell site in Suffolk. If this project goes ahead it will enable EDF to share the costs of the two projects and make them more cost efficient.
There is no doubt that the energy of the future is likely to be produced in nuclear power stations and there will be those for and against this idea. However reliance on fossil fuel is fast becoming an unattainable option and other methods of generating electricity will have to be found if the demands on electricity that we all make are to be satisfied into the future.
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