nuclear-news

Britain fawns over Xi Jinping – preparatory to China taking over UK’s nuclear industry

Why is Xi Jinping getting a royal reception in Britain? eji insight, Mark O’Neill, 15 Oct 15 “………..Britain wants to become the preferred European country for Chinese investment, state and private, and London the city where Chinese firms build their European headquarters and do business in renminbi.

Top of the agenda is Hinckley Point C, Britain’s first new nuclear power station for several decades, with a total cost of 24.5 billion pounds (US$37.9 billion). It will be the first of three such new plants.

For months, there have been intensive talks between Electricite de France (EDF) Energy, China National Nuclear Corp. and China General Nuclear Corp. Early this month, Vincent de Rivaz, head of EDF Energy, said he hoped the two Chinese firms would take a 40 per cent stake in the project, with an agreement to be signed during Xi’s visit. The project is backed by the governments of Britain, France and China.

But EDF and the two Chinese firms have been arguing over their respective shares and the financial burden they will take on.The next nuclear project is Bradwell in Essex with 1,000 megawatts; China is expected to take the lead role and take a majority stake.

The two plants are very capital-intensive, requiring enormous investment before the investors receive a return.

In western countries, nuclear plants are controversial and are vulnerable to a second Fukushima disaster.

These would be the first nuclear stations built by China in a western country and make it a front-line competitor with Areva, the world’s largest builder of nuclear power stations. Areva posted a loss of 4.8 billion euros (US$5.5 billion) last year.

China may take an equity stake in the ailing French firm. Osborne has promised a taxpayer guarantee of 2 billion pounds if Xi puts Chinese money into the Hinckley project………http://www.ejinsight.com/20151015-why-xi-jinping-getting-royal-reception-britain/

October 16, 2015 - Posted by Christina Macpherson | politics, UK