EDF: Final contracts signed for Hinkley Point C
September 29 2016 - 11:15AM
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EDF signs with UK Government
and Chinese partner CGN in London.
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Signings mark revival of new
nuclear in UK and Europe.
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Construction phase for Hinkley
Point C now fully launched.
Contracts for the Hinkley Point C
nuclear power station in Somerset have been signed today in London.
The signings took place between the Secretary of State for
Business, Energy and Industrial Strategy Greg Clark, EDF Group
Chairman and CEO Jean Bernard-Levy and CGN Chairman He Yu.
French Foreign Minister Jean-Marc Ayrault and the Administrator of
the Chinese National Energy Administration Nur Bekri attended the
ceremony.
The event marks the end of the
project's development phase following years of rigorous preparation
and planning. Today's signing formally relaunches new nuclear
construction in the UK and Europe and will provide a significant
boost for industry in Britain and France. The plant's two EPR
reactors will provide reliable, low carbon electricity to meet 7%
of the UK's future electricity needs. Their construction is a
major step forward in the fight against climate change.
The project is an essential part
of EDF Group's strategy to be a leading long term investor and
developer of low carbon electricity. It strengthens EDF's presence
in the UK where it successfully operates 15 nuclear reactors,
serves millions of customers and invests in a wide range of
generation technologies.
Hinkley Point C will be
competitive with all other future energy choices and it has been
shown to offer consumers value for money. It will also have a
long-lasting impact on industry, jobs and skills, creating
thousands of high quality jobs and apprenticeships in Somerset and
across the UK and France. Work to enable the British supply chain
to compete for contracts for Hinkley Point C means that EDF now
expects 64% of the project's value to be spent in the UK.
The signings also mark a new
chapter in the longstanding partnership between EDF and CGN. Their
joint experience in successfully constructing two EPRs at Taishan
in China will bring direct benefits to the Hinkley Point C
project. Agreements signed today will enable the development
of nuclear power stations at Sizewell B in Suffolk and Bradwell B
in Essex.
EDF and its partners are now fully
dedicated to the successful construction of the Hinkley Point C
project which is already well advanced. The EPR reactor design is
approved by the UK regulator. Experience from other EPR
projects has been fully integrated into Hinkley Point's planning
and design. Early involvement with suppliers and preparatory
work in engineering has taken place. Comprehensive agreements with
trade unions are in place covering safety, quality and
productivity.
Waste transfer contracts signed
today mean that, for the first time in the UK, the full costs of
decommissioning and waste management associated with the new power
station will be set aside during generation and are included in the
price of the electricity.
EDF confirms again that the first
electricity is due to be produced in 2025 and that the construction
cost to first operation remains at £18bn nominal (1).
Greg Clark,
Secretary of State for Business, Energy and Industrial Strategy
said : "Signing the Contract for Difference
for Hinkley Point C is a crucial moment in the UK's first new
nuclear power station for a generation and follows new measures put
in place by Government to strengthen security and ownership.
Britain needs to upgrade its supplies of energy, and we have always
been clear that nuclear power stations like Hinkley play an
important part in ensuring our future low-carbon energy
security."
EDF Group
Chairman Jean-Bernard Levy said: "Contracts
signed today with the British Government and with our historic
partner CGN are the result of years of hard work of the teams which
have brought us to this point. The project is of strategic
importance for EDF Group and the nuclear industry. All of the
employees of EDF Group around the world can be proud of the
progress we have made. Now the next phase is underway. EDF, its
partners and suppliers are ready and dedicated to the successful
construction of Hinkley Point C."
EDF Energy CEO
Vincent de Rivaz said: "Hinkley Point C
will kickstart Britain's nuclear revival. It has overcome obstacles
and challenges which will benefit our next nuclear projects in
Britain. This huge investment has been made possible by the
consistent policies of successive Governments to provide secure,
affordable, low carbon electricity. I want to thank our team,
our suppliers, trade unions and the people of Somerset for their
dedication, determination and patience. Their support has
been vital to our success."
(1) Nominal costs, or current
costs, refer to the costs expressed in the current money of the
time they are incurred. They include the impact of the inflation of
each year.
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Final contracts signed for Hinkley
Point C
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Source: EDF via Globenewswire