The Chinese CGN is withdrawing from the Sizewell C project of the new generation of nuclear reactors in favor of the French EDF, its main contractor. The presence of the Chinese group in connection with the tensions between Washington and Beijing had caused several British parliamentarians to express their concern about this Chinese participation in Great Britain.
After telecommunications, Chinese industrialists are being pushed towards exiting the energy space this time. China General Nuclear (CGN) will have to sell its 20% stake in Sizewell C project. The British state takes over 50% of the capital. Its other partner is EDF and will ultimately retain only a minority stake. The two companies must work together to obtain the necessary financing.
The construction of this new EPR could cost 20% less than the construction of Hinkley Point, estimated at between €28 and €30 billion after years of delays and budget overruns, according to EDF.
Six million homes
The UK Secretary of State for Energy believes this new project will enable the UK to limit supply risks. Not to mention the 10,000 highly skilled jobs that would need to be created to provide electricity to six million households over the next fifty years.
►Read also : UK: another year delay for Hinkley Point EPR, EDF announces (20 May 2022)