The UK government has agreed to start building the UK’s first new nuclear station in 20 years.
Hinkley Point C, based in Somerset, will begin operating in 2023 and will be the first plant to be developed since Sizewell B started generating electricity in 1995.
French major EDF Energy is leading the Hinkley Point C project and is predicting to spend £16 billion on the project and an additional plant that the company want to build.
After months of negotiations, the government has agreed terms allowing the French utility approximately twice the current market rate for the electricity produced at the plant. EDF and its Chinese partners will receive £92.50 per megawatt hour for its electricity for 35 years.
Energy Secretary Ed Davey has said that the plants would create up to 25,000 jobs, most of them British, as well as 57% of the value of the project going to UK companies.