Published:
China has gained a valuable foothold in the nuclear energy industry as Britain’s new Prime Minister has given the green light for a power plant to be built in Hinkley, England. The project is worth a reported $24 billion and has many people worried about the economic ramifications of allowing China and France to fund this large scale project on English soil. “In response, the U.K. has set out new restrictions on the project's builders, saying the companies would not be able to sell their stakes in the plant without prior approval from the government. Going forward, the British government will take a stake in all nuclear power projects, giving it control over a change of ownership.” (CNN) The restrictions that the UK has put on this project eases the fears of many, but some still are worried over the consequences of this act.
China General Nuclear Power Corp (CGN) is working to submit a proposal to build another nuclear reactor in Bradwell. “China General Nuclear Power Corp (CGN) will submit a design proposal for a nuclear reactor it wants to build at Bradwell to British authorities "pretty soon", a source familiar with the situation said on Thursday.” Bradwell is modeled after the Hinkley plan and hopes to receive the same approval. This influx of interest in nuclear energy in the UK gives hope to those who have been long awaiting the progression of the energy source. The French have also dipped their toes into the energy plans as the French Energy Group EDF will be financing the plant in Hinkley. The impact of this deal will be directly felt across the three countries, and may become very impactful if the plant takes off and provides a new alternative energy source for the U.K. Both Hinkley and Bradwell will have many eyes looking upon them as this new era of nuclear energy may be upon us.
File under
Share this article
