He said: “We expect the experience of rebooting the nuclear industry to mean that the costs should reduce for future new nuclear power stations of which another five are proposed”.
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Last year, China General Nuclear Power (CGN) agreed to acquire 33.5% stake in the project by investing €6bn through its new company General Nuclear International (GNI).
Earlier the government said there had been a new agreement with French giant EDF on the Hinkley C project, which saw safeguards put in place to safeguard issues which may come up in the future.
After Hinkley Point C, the government says it will take a “special share” in all future new nuclear projects, which will “ensure that significant stakes can not be sold without the government’s knowledge or consent”.
Critics of the deal have warned of escalating costs and the implications of nuclear power plants being built in the United Kingdom by foreign governments.
LONDON, Sept 15 British business minister Greg Clark said the government’s new approach to foreign investment, announced alongside approval for a new French-built, Chinese-backed nuclear power plant, better met the national interest than previous rules.
The Government’s agreement with EDF means it can prevent the sale of the French firm’s controlling stake before completion of construction. They fell 40 percent in 2015 and have dropped a further 17 percent this year amid worries about the company’s abilities to absorb extra financial charges.
Significant stakes in Hinkley will not be allowed to be be sold without the Government’s knowledge or consent. The deal is key for China as it could help the country eventually export its nuclear technology to developed country markets.
The price of the electricity, the parties involved and the future of United Kingdom nuclear all look the same. “This will ensure that significant stakes can not be sold without the Government’s knowledge or consent”.
Full implications of foreign ownership will be scrutinised for the purposes of national security to bring the UK’s policy framework on par with other major economies.
The government said today that Hinkley Point C will “will inaugurate a new era of United Kingdom nuclear power”, hinting that other plants such as Sizewell C and Bradwell could move ahead more quickly.
The Hinkley Point C project has been criticised for its expenses – it’s the most expensive energy project in Europe – as well as for its Chinese involvement.
Seeking to reassure citizens concerned about the foreign financing, May’s government said it is instituting new controls on foreign investment. Critics of the deal had expected the government to try to renegotiate the price, which they say was set too high before oil prices fell, dragging energy costs lower.
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The project offers an insight into how Britain could conduct relations with the world in a post-Brexit era.
