EDF and UK to sign a 35-year nuclear deal

12/03/2013 00:58 Electricity Market

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UK is planning to close a 35-year deal with French major energy group EDF which will allow the French energy utility to start building the country’s new generation of nuclear power plants.

Energy Secretary Ed Davey will award building permission for EDF's power plant in Hinkley Point on March 19, a day before the 2013 budget is announced, paving the way for the first nuclear power station to be built in UK since 1995. The UK energy situation is delicate and it cannot afford to fall behind because its last nuclear power plant would close its doors in 2023, so it is urgent now to build new facilities in a country that has opted for the continuation of its nuclear program, in contrast with Switzerland and Germany. The parties are negotiating now a price floor for purchasing of electricity, called "strike price", which will be around £96-£97 per megawatt hour, towards the bottom end of the anticipated £95-£99.50 range. However, in exchange for receiving a relatively low price, EDF demanded the guarantee be in place for 40 years which is double of what was originally envisaged.

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