Government and EDF Energy finally agree rate of £92.50 per megawatt-hour. The agreed rate is more than double the going rate for wholesale electricity, meaning the energy generated from the new plant will be extremely expensive compared to other nuclear power plants. The new Hinkley nuclear reactor in Somerset will be built, and should be operational within 10 years.
Ministers increase “strike price” paid to onshore and offshore wind farms for each megawatt-hour of electricity they generate. Onshore and offshore wind farms are to receive subsidies on the energy they generate of at least £100 and £155 per megawatt-hour (MWh) respectively, with the going rate for electricity currently at around £50/MWh. The subsidy will be in place for the … Read More