China’s leader is expected to sign a deal for the first UK nuclear power plant in Hinkley Point today.
Hinkley Point is currently Europe’s biggest and priciest building site. The first nuclear reactors to be built in Britain in a generation are set to call it home. It has taken years to get to the point where a China-U.K. nuclear deal is signed and for work to get fully underway.
When the reactors are running at full capacity, they’ll provide in the region of seven percent of Britain’s energy needs and British consumers will pay back the initial investment in higher energy costs. By the time they go online in 10 years, the nuclear industry claims the price will be a much closer match.
“This will have a huge impact, a positive impact on local suppliers.” said Nigel Cann, the director of Hinkley Point Development.
According to industry insiders, the Chinese financial muscle that makes Hinkley Point power station possible, will also act as a trigger for a renaissance of the British nuclear power industry with a further eight power stations planned. Some of them will be paid for and built by China.