Ed Davey: Government is "extremely close" to EDF nuclear deal

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Ed Davey has confirmed the government is "extremely close" to a deal with EDF over the construction of the first new nuclear power plants in the UK for two decades.

Speaking in an interview with the BBC, the energy secretary also said he expected a huge amount of foreign investment into the UK's nuclear energy sector over the next few years.

Energy secretary, Ed Davey, said: "We're extremely close for a deal with EDF and if and when we get that deal I'll announce it to parliament and I think I'll be able to show that it's extremely good value for money for consumers."

The deal has been in discussion for a number of months now with rumours of an impending agreement first floating around in May 2013.

The development at Hinkley Point, Somserset, has yet to be confirmed however due to a wrangle between the government and EDF over a 'strike price' - the guaranteed rate of return EDF will receive for the energy it produces for the government.

With £14bn worth of investment on the line, EDF is seeking assurances from the government before it agrees upon a deal.

Ed Davey is confident the deal will also attract more investment into the UK's nuclear energy industry.

He added: "It's really possible that we'll see massive Chinese investment not just in nuclear but across the board.

"And I think we'll see massive Japanese investment and Korean investment."

As part of the government's Green Deal, EDF is also committed to improving energy efficiency in the home. Customers can seek loans on things such as replacement boilers in order to improve domestic energy consumption.

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