UK guarantees £2bn nuclear plant deal as China investment announced

10:56 • 21.09.15
Economy

Chancellor George Osborne has announced that the UK will guarantee a £2bn deal under which China will invest in the Hinkley Point nuclear power station, the BBC reports. 

Mr Osborne, who is in China, said the deal would pave the way for a final investment decision on the delayed project by French energy company EDF.

He said it would also enable greater collaboration between Britain and China on the construction of nuclear plants.

EDF welcomed the news but did not say if it put the project back on track.

Earlier this month, EDF admitted the Hinkley project in Somerset, which was intended to allow the plant to generate power by 2023, would be delayed.

In February, the French firm announced that it had pushed back its decision on whether to invest in the plant.

The £24.5bn power station would be Britain's first new nuclear power plant for 20 years and is expected to provide power for about 60 years.

Mr Osborne said: "Britain was the home to the very first civil nuclear power stations in the world and I am determined that we now lead the way again.

"Nuclear power is cost-competitive with other low carbon technology and is a crucial part of our energy mix, along with new sources of power such as shale gas."

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