Hinkley gets green light with ownership clauses

The twin 3.2GW EPR reactor plant will now proceed after government asserted caveats contained within a new legal framework for future foreign investment in Britain’s critical infrastructure, including nuclear plants built after Hinkley.

A decision on the new power station was expected in late July following EDF’s commitment to proceed with Hinkley, but this was put back pending a further government review on the project.

Conditions accompanying today’s approval in principle include a clause preventing the sale of EDF’s controlling stake prior to the completion of construction without the agreement of ministers. The government will also be able to intervene in the sale of EDF’s stake once Hinkley is operational.

Furthermore, the British government will take a share in all future nuclear new build projects, preventing the sale of significant stakes without the government’s knowledge or consent.

Commenting on today’s announcement, Tom Greatrex, chief executive of the Nuclear Industry Association said: “The positive industrial impact of this project will be enormous with contracts already in place for Welsh steel, pumps made by Scottish companies and nuclear components from across England’s industrial belt.”