Two key measures have brought the prospects of a secure and low carbon energy future for the UK a step closer.
The Planning Inspectorate has given its recommendations on EDF Energy’s proposed new nuclear power station at Hinkley Point in Somerset to the Secretary of State for Energy and Climate Change. He now has up to three months to consider his position on permission to construct.
To take the project forward, EDF needs to be confident that all the permissions to construct, and the business case are in place and robust. The continuing process with the Government to agree the Contract for Difference is at the heart of the business case. Further progress is needed on this at the start of 2013 to allow a final investment decision at the earliest opportunity.
During the Energy Bill debate, the Secretary of State for Energy Ed Davey said the Bill would enable secure, affordable and clean energy and stimulate the infrastructure and investment needed for growth.
Shadow Energy Secretary Caroline Flint said that the opposition supported proposals to reform the electricity market to deliver secure, clean and affordable electricity and measures to provide investors with long-term certainty.
EDF Energy Chief Executive Vincent de Rivaz said: “The planning recommendation is the result of an intense period of work by the Planning Inspectorate and EDF Energy. I am pleased that the recommendation has been made ahead of schedule.
“The Energy Bill debate showed that there is continuing cross party support for enabling investment in the UK’s low carbon energy future and the economic growth that will follow.
“Both the planning recommendation and the Energy Bill’s second reading are critical elements of the project, but our final decision still depends on our ability to build a business case which gives clarity for investors as well as consumers.
“We are working with the Government to agree a Contract for Difference which will provide a price for the electricity produced which will be transparent, durable, fair and balanced for both parties. Rapid progress on this is now the key to unlock investment.”
Source: EDF Energy