EDF Energy are building the first nuclear power station in the UK for a generation at Hinkley Point in Somerset. The new plant is expected to cost £18 billion to build and it is thought that most of this investment will be financed by EDF, the French utility company.
Hinkley Point C will be constructed next to the two existing facilities in the areas, Hinkley Point A and B. It is thought that this new nuclear plant location will be the largest construction site in Europe. Hinkley A was decommissioned in 2000, and it is thought that Hinkley B will be decommissioned in 2023.
Once the construction work is complete and the site is up and running, Hinkley Point C will have the capabilities to deliver 7% of the UK’s electricity. The construction of this new plant is thought to create 25,000 jobs, with the completed plant itself employing around 900 people. This jobs creation is great news for workers as many nuclear power stations have closed down.
It is thought that nuclear energy will play a vital role in the security of Britain’s energy supply while also working towards tackling climate change. Vincent de Rivaz, the CEO of EDF Energy has expressed his confidence in the development at Hinkley point, saying that Hinkley Point C will provide the necessary first step to an increased adoption of nuclear power. It has been calculated that since 2010, a quarter of the UK’s electricity generation capacity has closed. It is thought that by 20130, a further 40% of that older 2010 capacity will close, this will include all but one of the UK’s nuclear power stations.
Hinkley Point C will start to provide electricity by 2025, and consumers will not pay anything until the electricity is produced, with the investors taking on the risk of ensuring that the construction of the power station occurs on time and on budget.