These appear to include the ability for the government to stop French utility firm EDF selling its share of the project for a quick buck both during and after construction, with The Office for Nuclear Regulation no less needing to be notified of any potential full or part change in ownership.
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Greenpeace executive director John Sauven said Hinkley Point was a white elephant that was approved because it “became too big to fail”.
Under the deal, Beijing’s state-run China General Nuclear Corporation (CGN) is set to finance 6.0 billion pounds of the costs for which it has received a one-third stake in the project.
Britain will take a special share in future nuclear projects following the 18 billion-pound ($24 billion) Electricite de France SA development in southwest England to ensure significant stakes can not be sold without its knowledge or consent, the government said on Thursday. After the station is operational, the United Kingdom government will also retain the ability to intervene if EDF tries to sell its stake.
“Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley can not change hands without the Government’s agreement”, said Greg Clark, Secretary of State for Business, Energy and Industrial Strategy.
The project, which will take nearly 10 years to construct, will provide a 9 percent annual return if built on time and on budget, according to Levy.
Since Prime Minister Theresa May took over from David Cameron, the announcement for Hinkley Points’ go ahead has been delayed while financial and security aspects were finalised.
“They can now invest in Hinkley and proceed with the development of Bradwell, the first act of which will be to formally submit the design of the reactor and the station to the United Kingdom nuclear regulatory process so they can get design approval for it”, the source said.
Under a deal worked out in October a year ago, EDF will take a two-thirds stake in the twin-reactor Hinkley Point C power station, while China’s CGN will take a third.
Justin Bowden, GMB national secretary for energy, said: “Giving the thumbs-up to Hinkley is vital to fill the growing hole in the UK’s energy supply needs”.
“This includes clearing our tried and tested reactor technology for deployment in the United Kingdom, consulting across North Wales on our plans and the huge economic opportunities they will deliver, and working with Government on a deal that delivers at a fair and acceptable price for all”. It will employ 850 people, with recruitment to begin early in the construction phase.
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British trade unions and manufacturers also welcomed the deal, which they said could create up to 25,000 jobs. We are proceeding on the basis of robust new safeguards that will enhance security at Hinkley.
