Hinkley Point Nuclear Plant Given Go-Ahead

A new nuclear plant at Hinkley Point in Somerset has moved a step closer after Energy Secretary Ed Davey granted planning permission.

The proposed development of Hinkley Point C by French energy company EDF is a boost for the nuclear industry following a series of setbacks in plans to construct a new fleet of reactors in the UK, which ministers say are needed to cut carbon and keep the lights on.

The deal is expected to be rubber-stamped within weeks when EDF and the Government secure agreement on the price the company will be paid for the electricity it generates.

Once up and running it is anticipated that the plant's two reactors will generate enough electricity to provide 7% of the country's needs, or power five million homes.

Mr Davey told the Commons that affordable new nuclear would play a "crucial role" in ensuring secure, diverse supplies of energy in the UK and decarbonising the electricity sector and the economy.

He also confirmed that EDF had now secured the majority of consents it needed to build and operate the plant and that he expected to announce shortly a deal on the so-called 'strike' price.

Under electricity market reforms, low-carbon power such as nuclear reactors and offshore wind farms will have long-term contracts with a guaranteed price for their electricity, to give investors certainty to invest in projects with high capital costs.

It has been reported that the costs of the new power station would run to around £14bn.

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