UK-China deal on new nuclear
17 Jun 2014
The UK and China governments today signed a civil nuclear agreement, paving the way for Chinese firms to invest in Hinkley Point C.
EDF secured government subsidies for the £14 billion European Pressurised Reactor project last October, and at the same time announced it had entered in to agreements with China General Nuclear Corporation and China National Nuclear Corporation (CNNC). The two firms would take equity stakes in Hinkley Point C amounting to a 30-40% share of plant ownership.
Both governments have committed to reduce emissions while enhancing energy security by investing in nuclear power
Energy secretary Ed Davey
Today’s civil nuclear agreement between the Department of Energy and Climate Change, the Nuclear Decommissioning Authority, the China Atomic Energy Authority and CNNC allows that deal to go ahead.
Both governments have also agreed to better cooperation on the wider nuclear fuel supply chain cycle, by working together to develop and export innovative solutions in areas such as waste treatment and decommissioning.
“China and the UK stand united in our plans for more collaborative working that will help to achieve long lasting energy security in our own countries,” said Energy and Climate Change secretary Ed Davey.
“Both governments recognise that tackling climate change is fundamental to our future and have committed to reduce emissions while enhancing energy security by investing in nuclear power.”
Separate multibillion pound agreements have been signed today by Shell and BP with the China National Oil Corporation, with a strong focus on supplying the liqueified natural gas (LNG) China will need for its shift to cleaner energy sources.
