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Business

UK approves nuclear plant, dodges China spat

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Opening sequence

Business

UK approves nuclear plant, dodges China spat

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COMING UP:UK approves nuclear plant, dodges China spat

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00:00:00
>> The UK has approved plans for a new nuclear power station at Hinkley Point. That should allow it to dodge a big fight with the projects French and Chinese backers. Beijing funding much of the 18 billion pound facility to be built on this site in Western England. It wasn't happy when Theresa May delayed the project for a security review.
00:00:19
Now Hinkley Point will go ahead but with caveats. Reuters utilities correspondent Geert De Clercq is at the world's nuclear industry's main annual conference in London.>> The government will now have the right to block any change of ownership. They are not quite using the word golden share, but in a way, it's tantamount to a golden share in the sense that the British government has the right to block any change ownership of a such key asset for the British industry and energy supply.
00:00:52
>> Critic say the project will saddle UK consumers with unnecessarily expensive energy. French operator EDF will get a guaranteed price for the energy produced, at over 92 pounds per kilowatt-hour of electricity, that's more than double current wholesale prices. Ministers were expected to renegotiate that price, but didn't.>> That is arguably the most surprising element in this deal.
00:01:16
Of course, EDF has argued all along that you cannot use the current low wholesale power price as a reference. You also need to take into consideration the fact that at the moment carbon is hardly priced and that in the future, the logic will be with an ever growing pollution there would be an ever higher price on carbon.
00:01:37
>> Hinkley Point is a huge project. It will generate 7% of the country's electricity and create thousands of jobs. It's already generating its fair share of controversy.