DECC issued a press release today with details of the commercial agreement reached between The UK Government and EDF Group on the key terms of a proposed investment contract for the Hinkley Point C nuclear power station in Somerset.
This paves the way for the construction of the first new nuclear power station in the UK in a generation. It will provide a stable source of clean power from 2023, generating enough electricity to power nearly 6 million homes or an area twice the size of London. Hinkley Point C (HPC) will be the first new nuclear power station to be built since Sizewell B, which started generating electricity in 1995. It will begin the process of replacing the existing fleet of nuclear stations, most of which are due to close in the 2020s. Once built, it will provide a clean source of home-grown energy, helping to keep the lights on, cut emissions and reduce consumer bills over the long-term.
EDF Group and other investors will be responsible for funding this project. Consumers will pay for the electricity it generates from 2023 through their bills. Building a new fleet of nuclear power stations could reduce bills by more than £75 a year in 2030, compared to a future where nuclear is not part of the energy mix.
The Government will ensure that the operator of Hinkley Point C will be responsible for the full costs of decommissioning and its share of the costs of waste management.
To read the full press release click here