24th March 2016 | Posted by: Daniel Birkett | Industry News

The Chief of EDF Energy has declared that the Hinkley Point nuclear project will go ahead at a hearing with UK ministers.

The Chief Executive of EDF Energy, Vincent de Rivaz has told the UK government that the Hinkley Point project  will not be abandoned, stating: "I have said categorically this project will go ahead." Rivaz quoted the French Economy Minister, Emmanuel Macron who claims that a final decision in regards to investment will be made in 'early May' although no exact date has been set.

The project currently costs £55 million a month, with £2.4 billion already invested by EDF.

Mr de Rivaz gave evidence to the UK's Energy and Climate Change Committee and confessed that the development had stalled due to various hurdles but claimed that "everything is aligning at the moment and it is very positive".

Hinkley Point will be the first nuclear power plant to be built in 20 years and will cost around £18 billion; once commissioned it will be capable of providing enough energy for 5 million homes.

A 'landmark agreement' has also been agreed with China General Nuclear Power Group (CGN) which has pledged to put £6 billion into the project. Representatives of CGN were also at the hearing who pledged their "full commitment" to the power plant's development.

The EU's competition authority has now approved the partnership between the two organisations, providing a major boost to the Hinkley Point development, as well as projects at Sizewell  and Bradwell.