UK government okays new nuclear power station
The British government announced it reached a commercial agreement with EDF Group (a French energy company) on a proposed investment contract for a nuclear power station in Somerset. EDF Group said China General Nuclear Power Group and China National Nuclear Corp. will invest in the nuclear plant as minority shareholders.
“For the first time, a nuclear power station in this country will be built without money from the British taxpayer. It will increase energy security and resilience from a safe, reliable, home-grown source of electricity.” “This is an excellent deal for Britain and British consumers,” British Energy and Climate Change Secretary Ed Davey said in a statement today.
The government said it expects the plant will cost approximately $25.8 billion to build and that it will produce enough electricity to meet the annual energy demands of nearly 6 million homes but experts feel the huge price tag will lead to higher electricity prices once completed with most of the benefits going to the French and Chinese companies.