Britain’s vitality regulator offers go-ahead to National Grid for Hinkley undertaking

LONDON (Reuters) – Britain’s vitality market regulator has given the go-ahead to National Grid (NG.L) to construct an influence grid improve to attach the brand new Hinkley Point C nuclear energy station in Somerset.

FILE PHOTO: Construction together with one in all two ‘nuclear islands’ is seen on the Hinkley Point C nuclear energy station, with the decommissioned B reactors seen to the suitable, close to Cannington in southwest England, January 17, 2018. REUTERS/Toby Melville/File Photo

However, Ofgem mentioned it’ll set the income National Grid can earn from the improve based mostly partly on the regulator’s expertise in tendering contracts to personal new transmission hyperlinks to offshore wind farms.

The Hinkley–Seabank (HSB) undertaking will value 650 million kilos ($852 million) and permit for the secure connection of EDF Energy’s (EDF.PA) deliberate Hinkley Point C nuclear energy station.

The undertaking may even present extra functionality and relieve transmission constraints within the South West of England.

National Grid mentioned it’ll evaluation Ofgem’s resolution an contemplate all choices earlier than Ofgem formalizes its proposals within the grid operator’s license later this 12 months or early in 2019.

“Ofgem’s decision does not affect our commitment to delivering HSB to time and to quality as per our license obligations,” it added.

Ofgem expects to ship financial savings of greater than 5 billion kilos to customers by means of more durable value controls for vitality networks.

The value controls set the income monopoly community homeowners can earn from prices to customers.

Reporting by Nina Chestney, modifying by Louise Heavens

Our Standards:The Thomson Reuters Trust Principles.

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