The project was controversial, with critics questioning the role of foreign governments building the U.K.’s nuclear infrastructure.
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The British government approves a new generation of nuclear power stations, expected to be privately built, with most of the 19 reactors at Britain’s 10 existing nuclear plants expected to close by 2023.
There will also be increased scrutiny of the national security implications of foreign ownership of critical infrastructure.
Business and Energy Secretary Greg Clark said the Hinkley Point deal “will include a series of measures to enhance security” and ensure it can not change hands without the government’s agreement. (In 2012 experts predicted that the cost of non-nuclear fuels such as natural gas would be more than double what it is today.) As the cost of renewable forms of energy, such as wind and solar, tumbles, and new technologies such as battery storage become viable, the cost of Hinkley’s power will look even steeper.
The statement stressed that the British government will be able to prevent the sale of EDF’s controlling stake prior to the completion of construction.
The French government and EDF see the project as essential to the future of France’s giant nuclear industry, which supports tens of thousands of skilled jobs.
When the Hinkley deal was agreed by David Cameron past year, the agreement concerned only Hinkley Point but said the government would look favourably on a Chinese-built reactor at Bradwell.
Upon becoming Prime Minister, Mrs May delayed her approval amid fears of the security implications of China acquiring a foothold in the United Kingdom power supplies.
He added: “So what we have done here in Hinkley is require that EDF, the principal operator, guarantees – makes a commitment – that they won’t dispose of their stake without the government’s consent unless and until the plant is built”.
There was also condemnation of the price tag for the Hinkley Point scheme which could cost the taxpayer £30bn in subsidies over 35 years.
“The Government said they would review every aspect of this deal. what is now leaking out is they are not going to change that exorbitant price that bill payers will be paying”. Shadow energy minister, Barry Gardiner said it was “too high a price” and it should have been renegotiated.
According to a former colleague, ex-business minister Vince Cable, May had expressed concern at the “gung-ho” attitude that her predecessor David Cameron took towards courting Chinese investment.
“We are very happy the British government has approved the project”, CGN said in a statement.
“This is not out of kilter with the way that things go on in other major economies around the world”, said Martin Young, Managing Director at RBC Capital Markets.
Jean-Bernard Levy, chief executive of the French state-owned power company EDF, said the move “relaunches nuclear power in Europe”.
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The firm behind Wylfa Newydd have welcomed an announcement that the UK’s first nuclear power station in a generation will finally be built.
