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Live reaction: Hinkley nuclear power plant approved by government

The Hinkley C nuclear power station will go ahead following a "new agreement" with EDF, the Government has confirmed.

Here are the major developments:

  • The Government announced the new deal on Thursday morning
  • Energy Minister Greg Clark described it as a "major step forward" and an £18 billion investment in the economy creating 26,000 jobs
  • Chinese company CGN, which is investing in the deal, said it was "very happy" and that it was now "able to move forward and deliver" nuclear capacity at Sizewell and Bradwell
  • Unions and the French government have welcomed the deal
  • But Greenpeace has slammed the decision
  • Labour said the plant was 'vital' for the economy but criticised the Government's negotiations
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Consumers 'won't pay a penny during plant construction'

Greg Clark said the strike price compares broadly to costs of other clean energy.

Consumers will not "pay a penny" for Hinkley's construction until it generates electricity, the energy minister told parliament.

Greg Clark said the proposed 'strike price' of £92.50 MW/h, which would reduce to £89.50 MW/h if Sizewell C is built, contains important elements of insurance against cost overrun and future high gas prices.

He added the price "compares broadly" to costs of other clean energy.

He said the Hinkley deal "rebooted" the nuclear industry and that costs would reduce as new nuclear stations open, five of which are proposed.

It must be stressed that the contracts negotiated places all the construction risk on investors alone.

Consumers will not pay a penny unless and until the plant generates electricity.

– Business and energy minister, Greg Clark
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Live reaction: Hinkley nuclear power plant approved by government

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