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Taxpayers to hand China millions of pounds to quit Sizewell nuclear plant

Taxpayers will hand China millions of pounds to quit its nuclear power
venture in Suffolk as part of a £700m deal as the “golden era” of
UK-China relations comes to an end. The Government is spending an initial
£679m to help get the £20bn Sizewell C nuclear power plant project off the
ground and has confirmed part of this will go to state-owned China General
Nuclear (CGN) under an exit deal.

It has not disclosed what proportion will
go to CGN but a Government spokesman said the payment “covers the value
of their shareholding, their contribution to the project’s development and
a commercial return reflecting their work to date”. He added: “The
value of their 20pc stake in the project is commercially confidential.
“CGN has decided to exit the project at this stage in its development,
following constructive commercial negotiations.”

Telegraph 29th Nov 2022

https://www.telegraph.co.uk/business/2022/11/29/taxpayers-hand-china-millions-pounds-quit-sizewell-nuclear-plant/

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November 30, 2022 - Posted by | politics international, UK

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