• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours e-truck insanity
  • 4 days Bad news for e-cars keeps coming
  • 6 days China deletes leaked stats showing plunging birth rate for 2023
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Georgia Explores Closer Ties with Iran as Western Alliances Fray

Georgia Explores Closer Ties with Iran as Western Alliances Fray

Georgia's Prime Minister Irakli Kobakhidze's…

France, China to Build First UK Nuclear Plant Since 1995

Electricite de France SA (EDF), French Areva SA and two Chinese nuclear companies will partner to build the first nuclear plant in the United Kingdom since 1995.

After a year of negotiations with the French EDF utility, in a deal agreed with the British government for power prices that are double the current market rate, EDF, Areva, China General Nuclear Power Corp. and China National Nuclear Corp. will build the plant at Hinkley Point in southwest England.

EDF will build two EPR reactors made by Areva at Hinkley Point, with a total capacity of 3.3 gigawatts, enough to supply 5 million homes for 60 years, according to Bloomberg.

Related article: Despite Fukushima, Global Nuclear Power on the Rise

In total, the project will cost some $26 billion and take a decade to build.

The headlining news here is China’s entrance into the British nuclear market, where its two nuclear companies will now be allowed to buy a 30%-40% stake in the project. EDF will hold a 45%-50% stake, while Areva—the supplier of reactors—will hold 10%.

The deal follows an agreement signed between the UK and China on civil nuclear collaboration, which is in line with the UK’s ambition of increasing investment in low-carbon electricity and avoiding blackouts.   

Related article: California’s Nuclear Headache is Only Just Beginning

By 2023, the UK will have shut down 15 of its 16 existing nuclear reactors, and recent dire predictions of looming blackouts have sparked panic.

According to a statement by British Prime Minister David Cameron, the deal with EDF for a new nuclear reactor will mean “16 billion pounds of investment coming into the country and the creation of 25,000 jobs.”

ADVERTISEMENT

“This also marks the next generation of nuclear power in Britain, which has an important part to play in contributing to our future energy needs.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • Others on October 23 2013 said:
    French technology and Chinese Cash makes a good combination. Ideally they can use Chinese Materials & Labor to reduce the cost. The British should try to use the waste heat for district heating and that can cut down the natgas use.

    Chinese are building the same EPR in just 5 years at a much lower cost.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News