• 50 mins Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 hours $1.6 Billion Canadian-US Hydropower Project Approved
  • 4 hours Venezuela Officially In Default
  • 6 hours Iran Prepares To Export LNG To Boost Trade Relations
  • 8 hours Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 14 hours Saudi Oil Minister: Markets Will Not Rebalance By March
  • 19 hours Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 23 hours Rosneft Announces Completion Of World’s Longest Well
  • 1 day Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 1 day Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 1 day Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 1 day Santos Admits It Rejected $7.2B Takeover Bid
  • 2 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 2 days Africa’s Richest Woman Fired From Sonangol
  • 2 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 2 days Russian Hackers Target British Energy Industry
  • 2 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 2 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 2 days Lower Oil Prices Benefit European Refiners
  • 2 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 3 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 3 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 3 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 3 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 3 days OPEC To Recruit New Members To Fight Market Imbalance
  • 3 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 4 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 4 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 4 days GE Considers Selling Baker Hughes Assets
  • 4 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 4 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 4 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 4 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 4 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 7 days The Oil Rig Drilling 10 Miles Under The Sea
  • 7 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 7 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 7 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
  • 7 days Kenya Set To Give Local Communities Greater Share Of Oil Revenues
  • 7 days Rosneft, China To Deepen Strategic Cooperation

France, China to Build First UK Nuclear Plant Since 1995

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.”

“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

Oilprice - The No. 1 Source for Oil & Energy News