The UK Government and French power generation company Électricité de France's (EDF) have signed an agreement for Hinkley Point C, the first new nuclear power station to be built in the UK in ten years.
The signing of the Contract for Difference and Secretary of State Investor Agreement for Hinkley Point C follows a comprehensive review and a revised agreement with EDF.
Hinkley Point C will produce 7GW of clean and reliable electricity for six million homes and provide 7% of Britain’s electricity needs for 60 years. The UK currently has eight power stations, which cater to around 20% of energy requirements.
The UK Secretary of State for business energy and industrial strategy Greg Clark said: “Signing the Contract for Difference for Hinkley Point C is a crucial moment in the UK’s first new nuclear power station for a generation and follows new measures put in place by the Government to strengthen security and ownership.
“Britain needs to upgrade its supplies of energy and we have always been clear that nuclear power stations like Hinkley play an important part in ensuring our future low-carbon energy security.”
The £18bn project is expected to create nearly 26,000 jobs and apprenticeships, while more than 60% of the value of the project will be benefitted by UK-based businesses.