The UK, France and China have signed an agreement for the £18bn Hinkley Point C nuclear power station in Somerset, UK.
The agreement gives the final go-ahead to the nuclear power station's construction.
Hinkley Point C will generate 7GW of electricity — expected to power 6M UK households — and offer 7% of the UK’s electricity needs for 60 years.
The power station will be paid a set price of £92.50/MWh for the power it generates for 35 years.
Secretary of state for business, energy and industrial strategy Greg Clark said: “Signing the Contract for Difference for Hinkley Point C is a crucial moment in the UK’s first new nuclear power station for a generation and follows new measures put in place by Government to strengthen security and ownership.
“Britain needs to upgrade its supplies of energy, and we have always been clear that nuclear power stations like Hinkley play an important part in ensuring our future low-carbon energy security.”
The project is expected to create 26,000 jobs and apprenticeships. The first electricity from Hinkley Point C is expected to be produced in 2025.
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