The French giant EDF Energy received the green light for the construction of the first new nuclear power station in the UK in more than 20 years at Hinkley Point in Somerset. The project value is around 18 billion-pound ($23 billion) and the reactors are expected to generate 3,200 MWe, enough to meet approximately 7% of Britain's demand. [emp]
To secure French and Chinese investment, the government
agreed in 2013 to pay £92.5 / MWh (now 0.11 EUR/kWh) of electricity – rising in
line with inflation– for the first 35 years of the plant’s life. Critics say
this now looks like a bad deal following the collapse in the wholesale price of
energy in the last three years. Currently, £92.50 per MWh is more than twice
the cost of wholesale electricity.