UK ministers negotiate nuclear deal with Chinese and announces 拢2bn guarantee for Hinkley
The UK government is close to a nuclear deal with China which could pave the way for Chinese investment in three UK nuclear plants, including the first Chinese-designed nuclear power plant in the west.
Energy minister Amber Rudd - currently on a trade mission to China with Chancellor George Osborne - told the Financial Times the UK was close to a deal with China that could see initial Chinese investment in up to three UK nuclear power plants.
The deal - likely to be sealed during Chinese premier Li Keqiang鈥檚 state visit to the UK next month - would see China commit to investment in EDF鈥檚 Hinkley Point C, Somerset, and Sizewell, Suffolk, nuclear plants in exchange for a controlling stake in the planned nuclear plant in Bradwell, Essex.
The Chinese are eyeing making Bradwell nuclear plant the first Chinese-built and operated reactor in the west.
Rudd told the FT China would 鈥渄efinitely be a part鈥� of building Britain鈥檚 next generation of nuclear power stations.
The news came as George Osborne announced 拢2bn of government loan guarantees for Hinkley Point C.
The Treasury said it hoped the commitment would 鈥減ave the way鈥� for a final investment decision by French state-owned EDF to build Hinkley Point C - a decision that has been repeatedly delayed.
Osborne said: 鈥淏ritain was the home to the very first civil nuclear power stations in the world and I am determined that we now lead the way again.
鈥淣uclear power is cost competitive with other low carbon technology and is a crucial part of our energy mix, along with new sources of power such as shale gas.鈥�
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