China urges UK to hurry up and approve Hinkley
China has questioned the reasons for the delay in approving the Hinkley Point C nuclear power plant and warned that the country would not tolerate “unwanted accusations” about its UK investments, according to the Xinhua news agency.
The news comes amid reports that new Prime Minister Theresa May has reservations about China’s role in the deal and about former Chancellor George Osborne’s relentless pursuit of investment from the country.
May is reportedly worried about the national security implications of having Chinese companies fund Britain first new nuclear station in a generation.
The Guardian reports that the state-run news agency Xinhua tends to give a hint about the government’s thinking.
The piece read: “China can wait for a rational British government to make responsible decisions, but cannot tolerate any unwanted accusation against its sincere and benign willingness for win-win cooperation.”
EDF Energy, the company tasked with building the power plant, approved the plan to build Hinkley last week after months of delays and board in-fighting.
This morning, the FT reports that the head of the French company, Jean-Bernard Levy, gave his fellow board members just two days to read the 2,500 pages of contracts related to the deal.
Elsewhere, Bloomberg take the long-view on this issue by looking at the UK’s energy options if the government decides not to go ahead with Hinkley.
Tesla agrees $2.6bn deal for SolarCity
US electric car manufacturer Tesla Motors has agreed a $2.6bn deal to buy SolarCity, as Elon Musk looks to create a new renewable energy giant.
Reacting to the news, Musk called the deal a “no brainer”, but it received a lukewarm reception on the markets, with the financial press warning that the billionaire will have work to do to convince investors.
Shares in both companies slumped after the deal was announced, which was $300m less than was initially proposed six weeks ago.
Bloomberg reports that installation rates for SolarCity have slowed in recent months, despite the company being the biggest rooftop solar provider in the US.
Former Wall Street analyst Maryann Keller told Bloomberg. “I’m not sure it’s a great deal for Tesla shareholders. Musk can probably sell it based on his cult of personality. The true believers will buy into it.”
The Guardian reports that Musk’s believes the combination of SolarCity’s technology with Tesla’s battery storage expertise makes for a natural fit.
He said: “Instead of making three trips to a house to put in a car charger and solar panels and battery pack, you can integrate that into a single visit. It’s an obvious thing to do.”
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