EY comments on Hinkley Point C nuclear station go ahead

21 October 2013

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Tony Ward, Head of Power & Utilities at EY said:

"Today's announcement marks a huge step towards delivering a balanced, lower carbon, energy mix for future generations of UK energy users. The UK is now materially closer to being able to deliver its first new nuclear station in 25 years. This investment will have a lasting positive impact on the UK's energy independence, its economy, the local communities and the UK's low carbon aspirations.

"Agreement on the price and duration of the CfD contract is one of the most significant enablers to unlock positive investment decisions, not just from EDF at their Hinkley site, but other potential co-investors, and subsequently from other developers, such as Horizon and NuGen.  Whilst not the final piece of the jigsaw, this is undoubtedly one of the most significant.

"With as many as 20,000 people working at the power station site over the course of its construction, and electricity supplies secured for 2.5 million homes, new nuclear projects such as this one are vital in terms of meeting the £200bn of investment needed in the sector to secure our energy future. Looking forward, a significant construction  programme of new nuclear stations in the UK could boost GDP by up to 0.34% a year and nuclear exports from £700mn up to £1.6bn."