Latest news with #HinkleyPointC
Bloomberg
6 hours ago
- Business
- Bloomberg
Apollo Nears Funding Deal of Up to £5 Billion for EDF's Hinkley
Save Apollo Global Management Inc. is nearing an agreement with Electricite de France SA to provide as much as £5 billion ($6.7 billion) of financing for the Hinkley Point C nuclear power plant in the UK. While the alternative asset manager previously considered providing a complex mix of equity and debt, the latest talks are mostly focused on conventional long-term loans, people with knowledge of the matter said, asking not to be identified because the deliberations are private.
BBC News
3 days ago
- Business
- BBC News
Up to 160 homes could be built near Hinkley Point C
Up to 160 new homes could be built near a nuclear power Homes initially proposed the homes in the village of Cannington, Somerset, a few miles from Hinkley Point C, in plans for the same number of properties have now come forward, with Somerset Council expected to make a decision on the proposal later in the proposed development would lie on the eastern side of the Cannington bypass, the Local Democracy Reporting Service reports. Almost a third of the 160 new homes planned would be affordable, with properties ranging from one-bedroom flats to four-bedroom would be from an existing spur off Brymore Way, with the development linking up to the cycle lines which run along the road towards the A39. A spokesman for Pegasus Planning, which represents the applicant, said: "During the construction period, the proposals are anticipated to support the employment of 496 people through direct and indirect jobs."Cannington has seen growing interest from housing developers since construction began at the Hinkley Point C site, with thousands of new workers seeking accommodation in and around Nicholson South West recently finished 73 homes at the Grange Meadow development on the edge of the council will make a final decision on the Strongvox proposals before the end of the year.
The National
12-06-2025
- Business
- The National
SNP slam UK Government as £2.5bn GB Energy funding raid revealed
Prime Minister Keir Starmer had previously promised to invest £8.3bn into the state-owned clean energy company in a bid to invest in renewable energy projects and decarbonise the entire UK electricity system by 2030. However, the Chancellor Rachel Reeves's spending review yesterday said the company would now share this funding with a separate body looking to invest into nuclear energy. READ MORE: Mairi McAllan talks leadership aspirations and tackling Scotland's housing emergency The Treasury's spending plans said that Great British Energy and 'Great British Energy – Nuclear', which was quietly renamed from Boris Johnson's Great British Nuclear a day before the spending review, would now split the funds, with £2.5bn going towards a new generation of small modular nuclear reactors. A Whitehall source told The Guardian: 'This has always been part of our plans, but I think perhaps not everyone was paying attention.' SNP MSP Bill Kidd, meanwhile, said it was 'shocking, but not surprising'. Since its official launch last July, progress has been slow and not without criticism – including frustration over GB Energy not having its own headquarters in Aberdeen and how the chair, Jürgen Maier, will actually be based in Manchester. In an interview with Sky News in February, Maier also poured cold water over another Labour pledge of creating 1000 jobs for Aberdeen – saying it might take 20 years. 'The fact Labour is raiding its promised funding for GB energy to spend on nuclear is shocking but not surprising,' Kidd said. 'Scotland is already a global leader in renewable energy, and we generate far more electricity than we consume. Our priority must be a just transition that delivers long-term economic opportunities for all - not more nuclear. The MSP added: "Nuclear power is one of the most expensive forms of energy production. Projects like Hinkley Point C in Somerset are billions over budget and years behind schedule. Meanwhile, Scotland's net-zero sector has grown by 20% in just the last two years according to the CBI – and that momentum is only building. "While Labour pours billions into slow, ineffective nuclear projects, the SNP is investing in clean, homegrown industries that are creating real, sustainable jobs in Scotland today."
BBC News
12-06-2025
- General
- BBC News
‘My family's facing homelessness as Hinkley Point C workers snap up houses'
A mother of three says she has no option but to sit and wait for the bailiffs to come after being served with a no-fault eviction months ago, the Somerset family of five was informed that their landlord intended to sell the home they had lived in for the past six nowhere else to go, they are left waiting to see what happens next, which could be bailiffs at the three miles from the family's home in Stogursey is Hinkley Point C. Mum Megan says "all" her neighbours are construction workers at the new nuclear power station. Some local residents feel the 15,000 workers are snapping up properties and pushing up prices."I'm just sitting and waiting and panicking," said Megan. "I keep calling the council and requesting call backs - nobody contacts me."Hinkley Point C said it was working on plans to expand the amount of local accommodation it has to "limit the impact on the local accommodation market".Andrew Cockcroft, head of social impact at Hinkley Point C, said: "We are very, very conscious of some of the impacts of such a large project on the community."We are working on plans with Somerset Council to expand the amount of local accommodation we have, which will limit the impact on the local accommodation market." But this is of little help to Megan, who said despite being assigned a council housing officer who acknowledged her family was homeless, no further action has been taken since."They said not to leave the property, wait until court action is taken when a bailiff will come and they will temporarily house us which would be a hostel or B&B," she said."I've been back and forth to the GP because I just run on antidepressants because I'm scared. What's going to happen to my children? How we're going to cope in a hostel? "What we're supposed to do when the bailiffs arrive? Where am I supposed to put the contents of a three-bedroom house?" she added. Megan's eldest child, six-year-old Tilly, has been diagnosed with learning difficulties. Megan works full-time and her husband, Kieran, gave up his job to become Tilly's registered and her husband have applied for four private rented houses in the last two said: "They tend to see 'carer' and think: why would we choose a family who needs government help, when you've got a three-bedroom house and that's three HPC [Hinkley Point C] workers they could house who are on £120k a year? We don't get a look in."Megan is worried any temporary accommodation the council offers them could be up to a 25-minute drive away from her older children's school and that sharing a bedroom would be "impossible". After researching the issue on social media, Megan said she heard from dozens of other mums in a similar position."It's absolutely terrifying, it made everything very real, to know there are already families like us in hostels in Bridgwater," she said."You don't ever think it's actually going to get to that point." Bridgwater is the nearest town to Hinkley Point, where lots of the construction workers are living. Some are in purpose-built campus accommodation, others are in shared private letting agent Andrew Lee said it was very "busy" with lots of people said: "You could just come in the morning and you've got 25 enquiries per property - this has been for the last few years. "But as we have known throughout the country, the housing stock and the letting stock is low."He also said Hinkley Point C had increased demand for private rentals."All these extra people, extra workforce, they create demand. Prices go up. So, unfortunately, you are going to have all these people and local people chasing the properties, and it's trying to get a balance," Mr Lee said. Megan and her family are among a growing number at risk of homelessness needing help from the local Wakefield is a Lib Dem councillor and lead member for housing and homelessness at Somerset Council. "We will advise them to stay in their home for as long as possible because if we have to move them out, and if they do go into accommodation provided by the council, it may not be where they want to be."It may not be close to their work or schools or other support that they need and that makes it very difficult," she said."We have had the the hike in interest rates and we've had all those problems."The living wage in Somerset is lower than the national average and it means they can't afford some of the mortgages that other people might be able to afford. "There is pressure and we are doing our best to address it, but it does need government action."Somerset Council said Hinkley Point C was required to fund mitigation measures to "support the creation of bed spaces in Somerset". It said so far that had created 3,800 additional bed spaces for Somerset residents in addition to the accommodation built for Hinkley workers. Leigh Redman, the Labour councillor on Somerset Council for Bridgwater Central and North, has previously described the private rental housing market as "broken".He said that "EDF has brought some fantastic things to the area" which has been paid for by mitigation money from the firm, but that it had come with downsides."Bridgwater and surrounding towns and villages are suffering with the private rented sector being under capacity," he added.
Yahoo
11-06-2025
- Business
- Yahoo
New Nuclear Plant to Power Six Million British Homes
Weeks after Germany decided to reverse course and 're-embrace' nuclear power following their supreme idiocy on the matter, the UK government announced on Tuesday that it would invest 14.2 billion pounds (US$19.3 billion) to build a new nuclear plant in the southeast of England. The move was revealed by the Department for Energy Security and Net Zero as part of its broader spending review, which will lay out priorities for the next four years. The new plant, named Sizewell C, will be located in Suffolk county, and is predicted to create around 10,000 jobs during construction, according to a government statement. Once operational, it will create enough electricity power roughly 6 million homes. "We need new nuclear to deliver a golden age of clean energy abundance, because that is the only way to protect family finances, take back control of our energy, and tackle the climate crisis," said Energy Minister Ed Miliband. "This is the government's clean energy mission in action, investing in lower bills and good jobs for energy security." As the Epoch Times notes further, the UK has also been tapping up new investors to fund the construction of Sizewell C, but no new partners were mentioned in the announcement. Neither the total cost of construction nor a date for expected completion has been announced. Sizewell C was originally an EDF Energy project but is now majority-owned by the British government, with EDF Energy a minority shareholder. EDF Energy is the British arm of Électricité de France (EDF), which is wholly owned by the French state. The UK government's stake was 83.8 percent and EDF's stake was 16.2 percent at the end of December, EDF's financial results showed in February. Sizewell C would be just the second new nuclear plant built in Britain in more than 20 years, after another EDF project, Hinkley Point C, which was first announced in 2010. Hinkley Point C, based in Somerset, southwest England, has been beleaguered by delays and budget overruns and is currently expected to come online in 2029. Sizewell C would be the third power station built on the site after Sizewell A and Sizewell B, both of which are currently in the process of being decommissioned. The Department for Energy Security and Net Zero also announced that it had picked Rolls-Royce SMR to build Britain's first small modular reactors (SMRs). About 2.5 billion pounds ($3.4 billion) of government funds will be dedicated to the SMR program over the next four years, in a bid to get one of Europe's first small-scale nuclear industries going. SMRs are usually around the size of two football fields and composed of parts that can be assembled in a factory, making them quicker and cheaper to build than conventional plants. The moves by Britain come amid a renewed interest in nuclear power across Europe, sparked by spiraling energy costs due to the ongoing war between Russia and Ukraine, which is hampering the continent's supply of natural gas. European Commission President Ursula von der Leyen said in a keynote speech in August 2024 that the European Union needed more nuclear power. By More Top Reads From this article on
