‘A huge boost to prospects of jobs, businesses and community spending’ - that’s the verdict from Somerset County Council at the news the Government and energy provider EDF have reached commercial agreement on the key terms of a proposed investment contract that brings the prospect of a new nuclear reactor at Hinkley Point a big step closer.
Speaking after the announcement where the agreement in principle has been reached, including a guaranteed 'Strike Price' for energy, Somerset County Council said the news was a massive boost for Somerset's entire economy.
Cllr John Osman, Somerset County Council's Conservative leader said: "This huge step forward is important for Somerset's young people. It's important for businesses and our local economy and it's important for our communities. This puts Somerset firmly in the national spotlight and it's now tremendously important we all work together to get the best benefits we can for them."
Cllr David Hall, Conservative Cabinet Member for Business, Inward Investment and Policy said: "This is a huge step forward on what has been a very long road towards the development of Hinkley Point C. Somerset is at the forefront of the UK's new generation of nuclear development and the proposed Hinkley Point C nuclear power station is an extremely important opportunity for our County. We are doing all we can to maximise the many opportunities that this development will bring to the area, while minimising any impacts. Whilst the final investment decision has yet to be announced by EDF, all the necessary stages are being addressed one by one. I am delighted that this latest announcement will provide a significant boost to business confidence throughout the County."
Cllr Tim Taylor, Conservative leader of West Somerset Council, said: "This announcement from the Government and EDF Energy is hugely positive, timely and very welcome.
"We have heard for some time that the EDF Energy team is “shovel ready” and I am pleased to confirm that our council has already been delivering on our commitments and is 'Hinkley-Ready'.
"We realise that before work resumes on the Hinkley Point C project there are further discussions and decisions that will need to be taken.
"I hope this agreement proves to be the kick-start towards construction beginning in earnest.
"From our council’s perspective we already have a series of programmes in place providing all sorts of opportunities for local businesses to benefit from being in the supply chain and local people to be trained to become part of a skilled workforce.
"We will continue to work hard to ensure our communities and businesses are well placed to take advantages of all the opportunities which the project will undoubtedly bring.
"Our council will use the resources provided to us from the development to create a sustainable legacy for our community."
The proposed development could eventually generate 7% of the nation's energy needs over the next 60 years as well as provide major benefits for Somerset, including:
- 25,000 jobs will be created over the construction period
- 5,600 construction jobs plus 1000's of supply chain jobs
- £128m to be made available for community benefit projects over 40 years once the plant is operational.
- Investment in housing, education and transport
- £100million per year will be put into the regional economy during peak construction.
- £40million per year will go into the regional economy, reaching more than £2bn over the lifetime of the project
- 900 permanent workers will be required when Hinkley Point C is operational.
- 400 new apprenticeships will be created.
This announcement helps to clear the path towards a final investment decision for the project. The EDF Group announced today the intent of two Chinese companies, CGN and CNNC, to invest in Hinkley Point C as minority shareholders and the UK Government and EDF are engaged in talks with other Chinese businesses and influential investors to help secure the future of this major project.