Hi Xi Jinping, UK brings Chinese companies here

Jakarta, CNBC Indonesia English decided to exclude the Chinese nuclear company CGN from the construction of the Sizewell C nuclear power plant. This came at a time when relations between the two countries were in an unfavorable condition.

In an announcement, London will strip CGN of its 20% stake in the project. Britain will also invest 700 million pounds (Rp 13 trillion) in the project.

“The UK Government’s investment in Sizewell C will support the continued development of the project,” the Department for Business, Energy and Industrial Strategy (BEIS) said in a statement on Tuesday (29/11/2022).

“The investment also enables China General Nuclear’s exit from the project, including purchase costs, taxes payable and trade agreements,” he added.

Sizewell C, which is being developed on the Suffolk coast in eastern England, will power the equivalent of around six million homes. London says the plant will start producing electricity as early as 2035.

Nuclear and renewable energy, such as offshore wind power, are seen as key to improving the UK’s energy security. This comes mainly after a major fuel producer, Russia, attacked Ukraine, which has sent domestic electricity and gas bills skyrocketing this year.

Meanwhile, this same decision was made a day after Prime Minister (PM) Rishi Sunak said the so-called ‘golden era’ of relations with China was over.

In his first foreign policy speech, Sunak said Britain’s approach to China needs to evolve and that Beijing “is knowingly competing for global influence using all levers of state power.”

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“Let’s be clear, the so-called ‘golden age’ is over, along with the naive idea that trade will lead to social and political reforms,” ​​said the ethnic Indian prime minister.

[Gambas:Video CNBC]

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