China : TERMS for Britain's Energy Future inked by CGN and EDF.
EDF Chairman Jean-Bernard Levy following a signing ceremony that nailed down a China General Nuclear Power Corporation (CGN) investment in the project said that construction on the $27.5 billion Hinkley Point C nuclear power plant in England could restart within weeks
This week events surrounding Chinese President Xi Jinping's visit to Britain were magnificent. They comprised events attended by Chinese actor Jackie Chan and British royalty. President Xi meet with the Duke and Duchess of Cambridge Kate Middleton and Prince William and attended a state banquet at Buckingham Palace with Queen Elizabeth II.
The importance of the trip from a business point of view was about nuclear power. Conditions were laid out for construction of power plants at Hinkley Point C, Sizewell in the Suffolk county and Bradwell in Essex county.
British Energy Secretary Amber Rudd said that government would support nuclear power as we move to a low-carbon future, that would offer financial and energy security for generations to come.
Rudd said that the industry would support 25,000 jobs in Britain in construction and plant operations. He Yu, chairman of CGN, said the deals meant a new phase for CGN, calling the deal a triple-win for the existing nuclear energy partnership between China, France and the UK.
The Hinkley Point C project calls for two EPR reactors, which are expected to fulfil 7 % of the county's electricity demand. French utility EDF is the designated designer for the plant, which already has an established supply chain that includes AREVA NP as the contacted supplier of nuclear steam supply system, instrumentation and control, Alstrom France for turbine supply and Alstom UK for services during operations.
Bouygues TP/Laing O'Rourke is appointed for the principal civil work involved, at the same time as BAM Nuttal/Kier Infrastructure is set to offered earthworks for the project. Final terms for these contracts are in place.
EDF and CGN have in addition inked agreements to jointly develop Sizewell C, which will include two EPR reactors with CGN taking a 20 percent share of the project, while EDF holds 80 percent.
On the project known as Bradwell B, agreements were inked for construction of a third generation HPR1000 reactor customized for Britain, however based on the Fangchenggang power plant's Unit 3-4 in China.
A recently formed joint venture company will be set up for the Generic Design Assessment phase of the project for which CGN is likely to take a 66.5 percent stake in development, at the same time as EDF possesses 33.5 percent.
[c] 2015 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Oct 26, 2015|
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