1. ITV Report

EDF chief urges government to go ahead with Hinkley Point

The Hinkley Point C nuclear power station site Credit: Reuters

The chief executive of energy giant EDF has reiterated the company's commitment to building a new nuclear power station at Hinkley Point, despite the government's decision to review the multi-billion pound project.

Vincent de Rivas said Hinkley Point C's technology is ready, and its cost to consumers is fixed.

The firm's board has given the go-ahead for the near £18 billion power station in Somerset, but the government said it wanted time to study the scheme, with a decision expected in the autumn.

Writing in the Sunday Telegraph, Mr de Rivaz addressed critics' concerns about the project and the company's decision to allow joint investment from the Chinese state-owned CGN.

EDF chief executive Vincent de Rivaz Credit: Reuters

He said: "EDF Energy and our Chinese partner are taking the construction risk to build Hinkley Point C as investors.

"That's because we are confident in our ability to deliver. Taxpayers pay nothing. If returns for investors exceed expectations, gainshare mechanisms share the benefit through a reduced electricity price.

"Hinkley Point will have a lasting impact on our industrial capacity and will create thousands of jobs and hundreds of apprenticeships.

"Billions of pounds will be invested into the economy of south-west of England.

"We can't afford to cross our fingers and muddle through in the hope that a new technology will come along and meet all our needs at the right price."