nuclear-news

China getting control of UK’s wind industry, as well as its nuclear?

Chinese nuclear group to buy UK wind farms, Ft.com Chris Adams, Energy Editor 14 Dec 14  China’s biggest nuclear power generator is preparing to enter Europe’s renewable energy market, snapping up three UK wind farms from French utility EDF in a signal of its intent to build a global generating business.

The move by state-owned China General Nuclear Corporation (CGN), set to be announced on Monday, would be its first big acquisition of onshore wind generating capacity in the west………

The agreement with EDF could help smooth talks on a bigger deal to build Britain’s first nuclear power plant in a generation, at Hinkley Point in Somerset………

The Chinese group will pay EDF more than £100m, analysts estimate, for an 80 per cent stake in the sites. Together, the sites generate more than 70 megawatts of electricity — enough to serve nearly 40,000 homes.

EDF will retain a 20 per cent stake in the three wind farms and continue to operate the turbines. It will also buy the electricity generated……….

The deal’s timing is significant: it comes as EDF, one of the Britain’s “big six” energy suppliers, looks to finalise agreement with possible investors, including CGN and China National Nuclear Corporation, on the financing of Hinkley Point C, the new nuclear power plant expected to cost £24.5bn.

The Chinese companies have been pushing for a bigger role in the plant’s construction and want a substantial share of the supply contracts, a demand that has complicated negotiations.

They also want ownership of another nuclear site, at Bradwell in Essex, with the aim of building their own reactor. Discussions over that have been a stumbling block. EDF is aiming to make a final investment decision early next year.http://www.ft.com/intl/cms/s/0/db8c9540-838f-11e4-9a9a-00144feabdc0.html#axzz3LzcYrpGa

December 15, 2014 - Posted by Christina Macpherson | renewable, UK