London: The British government on Thursday gave the go ahead for a new 18 billion pound ($23 billion) nuclear power station in the UK after imposing “significant new safeguards” for future projects.
The new plant at Hinkley Point in Somerset is financed by French electric utility company EDF and China, the BBC reported.
In exchange, China wanted to use its design for new UK nuclear stations at Bradwell in Essex.
However, the government said it would now “impose a new legal framework for future foreign investment in Britain’s critical infrastructure.
“After Hinkley, the British government will take a special share in all future nuclear new build projects. This will ensure that significant stakes cannot be sold without the Government’s knowledge or consent,” the BBC reported.
Energy Secretary Greg Clark said: “Having thoroughly reviewed the proposal for Hinkley Point C, we will introduce a series of measures to enhance security and will ensure Hinkley cannot change hands without the government’s agreement.
“Consequently, we have decided to proceed with the first new nuclear power station for a generation,” Clark said.
The decision on investment was approved by EDF’s board in July and was agreed in principle with China during the visit by President Xi Jinping to the UK in October 2015.
First Published | 15 September 2016 3:58 PM