The controversial Hinkley Point C nuclear power plant project was given a green light Thursday by the British government, which said it would be allowed with the inclusion of security-oriented conditions.
The plant that includes a third of the financing provided by state-owned Chinese companies was cleared by majority owner Electricity de France (EDF) in late July with approval granted by 10 out of 17 of the company's directors. That decision alone was years in the making and was beset by controversies, including EDF company officers resigning in protest, saying that EDF did not have the finances to cover a project that is estimated to cost $24 billion.
Just as EDF approved the project, with contract signing ceremonies scheduled, the Britain's new administration under Prime Minister Theresa May announced it would delay approval while it reviewed the deal that was put together by the administration under former Prime Minister David Cameron.
Chinese officials lamented the turn of events, pointing to the erosion of trust that would occur should the huge project be cancelled. Britain, meanwhile, was reportedly fishing for a contractual article that would allow them to bow out gracefully or simply legally with concerns ranging from financing to the potential for industrial espionage to perceived threats to British security.
The government said yes on Thursday, but also said it would maintain control over "critical infrastructure." reported the British Broadcasting Company.
EDF Chief Executive Officer Jean-Bernard Levy said the decision "marks the relaunch of nuclear in Europe." The power plant, when complete, is expected to provide Britain with 7 percent of its electricity generation.
In a report that could be defined as giddy, the BBC said the Hinkley power plant would produce 3,200,000,000W of electricity, claiming that would be enough to boil water for more than 85 million cups of tea, light nearly 291 million light bulbs at once, let 58,181,818 people watch Bake Off on a big TV and charge 640 million iPones at once.
Reportedly, the government agreed to the power plant with the understanding that it owned a "golden share" in all future nuclear plants in Britain — a golden share giving the government final say in who owns the country's nuclear power plants. This is, essentially, veto power over sale of a nuclear power plant to any entity in which it does not approve.
The government, however, has left the controversial pricing agreement with EDF intact. That agreement included a guaranteed price of $122.50 per megawatt hour of electricity generated, although that price decreases slightly — to $118.50 — if a new nuclear plant at Sizewell is also built.