EDF gets green light for the construction of Hinkley Point C nuclear reactor

21/03/2013 00:11 Electricity Market

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The French energy major EDF got green light from UK’s energy secretary on Tuesday to build the nation’s first new nuclear power station at in Somerset in almost 20 years.

Once the plant’s two nuclear reactors become operational, they would be able of producing 7% of the UK’s electricity, enough to power five million homes. The nuclear project, which will cost will £14billion, will create as many as 25,000 jobs during construction and 900 permanent positions once in operation. Hinkley Point C, which will be operated by EDF subsidiary NNB Generation, will be the first new nuclear power plant in the UK since Sizewell B, in Suffolk which started generating electricity in 1995. The Hinkley Point C project in Somerset will have two European Pressurised Water Reactors (EPRs) with a combined installed capacity of 3,260 MW, adjacent to an existing nuclear station also run by the company. Britain is pursuing on new nuclear power in its energy mix for future decades, unlike countries such as Germany or Switzerland which have decided to phase out nuclear power after Japan's Fukushima accident.

Daily (03.03.2021): Oil prices tumbled to two-week lows on Tuesday amid expectations that OPEC will boost output

03/03/2021 10:37:00

Crude oil prices remained on the back-foot for the fourth consecutive day on Tuesday amid expectations that OPEC+ producers will ease supply curbs at their meeting later this week as the global oil demand shows signs of recovery from the coronavirus pandemic. Hence, Brent crude dropped by 99 cents, or 1.6%, to settle at $62.70 a barrel, its lowest close since Feb. 12. U.S. WTI crude fell by 89 cents, or 1.5%, to $59.75, its lowest settlement since Feb. 19.

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Brussels opens in-depth investigation into Germany’s coal phase-out plan

03/03/2021 09:10:00

The German Bundestag sealed an agreement in June last year to compensate RWE and LEAG with €4.35 billion for closing the country’s last remaining coal plants and mining operations by 2038.

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Global CO2 emissions rising again after nearly 6% fall last year

03/03/2021 09:07:00

Global carbon dioxide emissions dropped by 5.8% in 2020 as the COVID-19 pandemic slowed economic activity, but they rebounded at the end of the year and are on course to rise further, the International Energy Agency said on Tuesday.

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