EDF set to make final decision on Hinkley Point nuclear site

Energy giant EDF is set to make its long-awaited final investment decision on the planned nuclear power station at Hinkley Point.

The French firm's board is meeting in Paris on Thursday and is expected to give the go-ahead for the first nuclear power station to be built in the UK for decades.

The £18 billion project will be welcomed by UK unions, with 25,000 jobs set to be created.

But environmental groups such as Greenpeace have long-criticised the plans, calling for home grown renewable energy like offshore wind.

EDF plans to build the first new nuclear power plant in the UK in decades. Credit: PA

Fresh criticism is also expected on the Government's promise to pay EDF £92.50 for each megawatt hour of energy it generates.

Hinkley Point C (HPC) will provide 7% of the UK's electricity over its estimated lifetime of 60 years and is scheduled to begin generating power in 2025, several years later than planned.

The delays have in large part been due to concerns over the financing of the project by EDF, which is 85% owned by the French government, with French trade unions warning it could ruin the company's finances.

Unite national officer for energy Kevin Coyne said:

Timeline: The key milestones in Hinkley's development

  • July 2006 - The Government gives the green light to new nuclear power plants, suggesting the low-carbon energy source would make a "significant contribution" to cutting carbon emissions.

  • February 2007 - EDF boss Vincent de Rivaz promises Britain would be cooking Christmas turkeys on new nuclear power by 2017.

  • September 2008 - British Energy, which owned the existing power plants in the UK, is bought out by EDF for £12.5 billion, who reveal plans to build four new reactors in the UK.

  • October 2008 - A public consultation with residents that neighbour the Hinkley site begins on the proposals.

  • March 2011 - Nuclear disaster at Fukushima power plant in Japan following magnitude 9 earthquake and huge tsunami hits confidence in nuclear power worldwide.

  • October 2011 - An application to build the new nuclear power station at Hinkley is received by the planning inspectorate.

  • November 2012 - The first new site licence for a UK nuclear power station in 25 years is granted to EDF's planned Hinkley Point plant.

  • March 2013 - Coalition energy secretary Ed Davey green-lights the new nuclear power plant.

  • October 2013 - The Government agrees £92.50 per megawatt-hour will be paid for electricity produced at the Somerset site - around double the current market rate at the time.

  • March 2013 - The European Commission opens an "in-depth investigation" to examine whether UK support for a new nuclear power station breaks state aid rules.

  • May 2014 - The second phase of construction work begins at the site.

  • October 2014 - The European Commission gives the final go-ahead for the £18 billion project.

  • February 2015 - The March deadline on a final investment decision is abandoned by EDF.

  • September 2015 - Chancellor George Osborne approves an initial Government guarantee worth £2 billion for the proposed plant in Somerset and EDF group chief executive Jean-Bernard Levy announces that the 2023 first power date will not be met.

  • October 2015 - EDF signs an investment agreement with the China General Nuclear Power Corporation (CGN) to build the new plant at Hinkley Point.

  • January 2016 - EDF delays its final investment decision again - it is understood the company is looking for new investment partners and has struggled to raise the cash for its 66.5% stake in the project.

  • March 2016 - It emerges that chief financial officer for EDF Thomas Piquemal has resigned, amid fears the project could jeopardise the company's financial position. A fortnight later Mr de Rivaz tells MPs that Hinkley Point will definitely go ahead.

  • May 2016 - A consultation is launched with the French unions about the project, while later in the month, Mr de Rivaz appears again in front of MPs, insisting the scheme will go ahead.

  • June 2016 - After a vote to leave the European Union throws fresh doubt on the project, Energy and Climate Change Secretary Amber Rudd says the final investment decision is still expected soon, claiming "we are full tilt on Hinkley Point".

  • July 2016 - EDF announces board will meet to consider final investment decision on July 28.