MEP backs EU probe into Hinkley Point expansion
MEP has said she supports the European Union's investigation into
whether the government's support for a plan to build a new nuclear
power plant at Hinkley Point near Burnham is breaking state aid
West of England Member of the European Parliament Julie Girling
said: "I welcome the Commission's investigation into Hinkley
- they have a duty to ensure that the public are getting a good
deal and aren't being sold a dead duck."
investigation from the Commission does nothing to take away from
the simple fact this is a much-needed £16 billion worth
of investment which will create 25,000 jobs, bring in billions
in corporation tax and could see £100 million injected into
the local economy every year during peak construction."
you will hear lots of anti-EU rhetoric from the sidelines, I believe
this is an issue where Europe can add value by ensuring that British
taxpayers are getting the best deal possible. Hinkley will provide
a clean source of home-grown energy; powering nearly 6 million
homes and help the country keep the lights on."
UK has notified plans to establish a feed-in tariff ensuring that
the operator of the Hinkley Point C nuclear plant will receive
a stable revenue for a period of 35 years despite the volatility
of the wholesale electricity price."
the market price at which the electricity is sold is lower than
the strike price, the Government will pay the difference between
the strike price and the market price."
when the market price is higher than the strike price, the operator
will be obliged to pay the difference to the Government under
the so-called 'contract for difference'. In either case, the nuclear
plant operator will ultimately receive a fixed level of revenue
and will therefore not be exposed to market risks for the duration
of the scheme."
operator will also benefit from a State guarantee covering any
debt which the operator will seek to obtain on financial markets
to fund the construction of the plant."
Commission will assess whether the construction of a nuclear power
station could not be achieved by market forces alone, without
state intervention. The Commission will examine the 'contract
for difference', the credit guarantee, as well as the planned
level of public support, which is based on many assumptions about
the future market situation, and may reach up to £17 billion
depending on future electricity prices and the operator's actual