With costs in the billions, the UK requires investments for renewing power stations and introducing new low-carbon energy. Just last week, China became the latest of these investors with a massive injection of £6bn.
This cooperation coincides with plans for the new Hinkley Point C nuclear plant in Somerset and with EDF stating an estimated final cost of £18bn, the Chinese will take an equity stake of 33.5%.
In return, the Chinese will be able to showcase their expertise by designing, building and operating a facility of their own in Bradwell.
But how will the new Hinkley plant, predicted to be up and running by 2025, impact the UK?
With the government stating a price of £92.50 per megawatt hour of electricity from the plant, many consumers are concerned about increasing electricity bills. However, the plant will power approximately six million homes and will create 25,000 jobs, which may somewhat, offer consolation to some consumers.
Despite criticisms, Prime Minister, David Cameron, is enthusiastic about how this cooperation will only further boost the UK economy, as the number of Chinese tourists has already doubled in the past five years, which is worth almost £500m to our economy each year.
The full impact of the new plant will not be known until it is completed, however there are other implications to consider long before the plant opens. With a growing demand for construction workers in the UK job market, can we provide the skills required to complete this project on budget, and on time? Or, should we be concerned by such a large investment from a country currently experiencing massive economic challenges?
Do you have any thought or comments on the investment? If so we’d love to hear from you.