Department of Energy and Climate Change
As we compete in the tough global race, this underlines the confidence there is in Britain and makes clear that we are very much open for business.UK Prime Minister, David Cameron, on the Hinkley Point C agreement.
Hinkley Point C will be the first new nuclear power plant built in the UK in 20 years following an agreement between the government and energy company EDF. The full details of the agreement are available in the press release.
The site and its construction will not only create jobs and benefit the economy in Somerset but also nationally, as well as producing home-grown electricity that could power an area twice the size of London.
The 430 acre site reducing to 165 acres once operational - will generate enough electricity to power nearly 6 million homes once operational, bring 900 permanent jobs to the area and create around 25,000 jobs during construction.
The Nuclear Industry provides nearly a fifth of electricity and employs around 40,000 people in the UK.
Read the full press release from the Department of Energy and Climate Change (DECC) for more detail about the initial agreement and the strike price.
Building Britain: See what else the government is doing to support and grow the UK economy
The Secretary of State Edward Daveys statement to Parliament.
Visit EDF Energys website to find out more about Hinkley Point C.
Video: Virtual tour of Hinkley Point C
This morning the British Prime Minister David Cameron joined Edward Davey, UK Secretary of State for Energy, and EDF Energy Chairman, Vincent de Rivaz, at Hinkley B to meet workers before touring the Hinkley Point C site.
Secretary of State for Energy, Edward Davey said of the agreement,
This is an excellent deal for Britain and British consumers.
For the first time, a nuclear power station in this country will not have been built with money from the British taxpayer.
It will increase energy security and resilience from a safe, reliable, home-grown source of electricity.
This deal is competitive with other large-scale clean energy and with gas and while consumers wont pay anything up front, theyll share directly in any gains made from the project coming in under budget and from refinancing or equity sales.
We are creating one of the most attractive electricity investment markets in the world and this is a clear sign that investors are already responding, even before our electricity market reforms become law.