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Britain tries to wrap up Hinkley nuclear deal with China, with $3.1 billion bribe

text-my-money-2flag-UKIn Courting Chinese Companies, Britain to Help Fund Planned Nuclear Plant NYT, By STANLEY REED SEPT. 20, 2015 LONDON — The British government said on Monday that it would provide 2 billion pounds, or about $3.1 billion, in state aid for a nuclear power station planned for Hinkley Point in southwest England.

The announcement of financial support — which was made by George Osborne, the chancellor of the Exchequer, on a visit to China — appeared to be a confidence-building measure aimed at wrapping up a deal, years in gestation, to build Britain’s first nuclear plant since the mid-1990s.

“They are edging toward trying to sign a deal, but it is taking a long time,” said Antony Froggatt, a nuclear analyst at Chatham House, a London research organization.
The British government said that it expected EDF, the French state-controlled utility leading the project, to make a final decision later this year to go ahead with the plant. If EDF moves forward, it will be supported by two Chinese companies, China General Nuclear Corporation and China National Nuclear Corporation, the government said. Mr. Osborne has been courting Chinese companies to help finance the new Hinkley Point station, which will cost at least £16 billion…….

In trying to build nuclear plants, Britain is bucking the trend in the West. ……

The British government is not only offering financing to help with the construction but has guaranteed EDF a much higher price for the electricity it generates than current market rates. The government also says that it may increase financial support for the plant as the project progresses. Last year, the European Union approved Britain’s use of state aid to finance the plant……Still, Britain’s effort to build nuclear plants has proceeded at what seems a glacial pace. The Hinkley Point project is already several years behind its original schedule.

Centrica, a British utility, walked away from an option to take a 20 percent stake in Hinkley Point and another nuclear plant, citing frustration over delay and costs. http://www.nytimes.com/2015/09/21/business/energy-environment/britain-says-it-will-aid-planned-nuclear-plant.html?_r=1

September 25, 2015 - Posted by | politics, politics international, UK

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