Advertisement

  1. ITV Report

Energy boss promises he won't ask British taxpayers for extra money for the new power station at Hinkley Point

Mr de Rivaz says the major investors will shoulder the risk of the project Photo: PA

The chief executive of EDF Energy has pledged to deliver the Hinkley nuclear power station on schedule and budget, promising that his firm won't ask the UK government for any extra money.

Addressing the Lords Economic Affairs Committee, Vincent de Rivaz assured that investors, including EDF and China's state-backed energy firm CGN, would bear the full financial risks of the project's construction.

When asked whether the Government would be asked for more money to complete Hinkley, Mr de Rivaz said "absolutely not".

Hinkley Point in Somerset Credit: PA

It is the first time that we are in a large construction project like that - a deal in which we, investors, take all the construction risk.

We're not going to ask for one more penny from the customers for that.

– Vincent de Rivaz, chief executive EDF Energy
Construction work has started at the site Credit: PA

Hinkley is expected to provide 7% of Britain's electricity needs for 60 years, at a price of £92.50 per megawatt hour of electricity provided for the first 35 years.

EDF Energy is set to start generating energy from the nuclear power site by the end of 2025.

More on this story