Electricite de France SA signed a comprehensive set of agreements with the U.K. government to build and operate two new nuclear reactors at the Hinkley Point C power plant in England, according to Nasdaq.com. Total costs are expected to reach 16 billion pounds ($26 billion).
EDF Group will partner with AREVA SA, China General Nuclear Corp. and China National Nuclear Corp. on the project, which is expected to take 10 years to complete, the article said. EDF will own a 45 to 50 percent share of the project and AREVA will own 10 percent. The Chinese companies will have a 30 to 40 percent share. Suppliers for the project include Bouygues TP/Laing O’Rourke, Costain, Alstom and AREVA.
Hinkley Point C will offer predictable prices through a “Contract for Difference,” in which consumers will not pay extra if wholesale prices go above an agreed strike price. If it falls below the strike price, the generator will receive a top-up payment, and the customers will not pay anything until the plant is operational, the article said.
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