Department of Energy to announce Prize for Investors

Department of Energy to announce Prize for InvestorsThe Department of Energy might come up with an announcement today that a definite award of £90-£95 a megawatt hour of energy produced is to be given to French and Chinese investors.

The investors would be those that are in the first nuclear power station of Britain in almost 20 years.

The report said that the agreed strike price would probably be paid by households. The strike price vows to prove contentious, for the same is almost twice the market price for electricity at present. Also, the bill is appearing as inflation-busting hikes are being imposed by energy suppliers in domestic bills.

It is being estimated that the guaranteed price might increase in case the choice of developing another nuclear power station is not taken up by the consortium.

However, according to sources from the government, the agreed price indicated good value for the households. Further, lesser domestic energy bills could be seen with the development of a novel series of nuclear power stations.

As per the findings, the commercial agreement is to be finalized today. The same would see investment of £16bn in the coming decade by China General Nuclear Power Corporation, China National Nuclear Corporation and the French energy multinational EDF Energy. The aim would be to back a new generation reactor's creation in Somerset's Hinkley Point.

"It's a fair return and a lot of people in the City will be looking at this again and thinking maybe we should have invested here", stated a Government source.