Theresa May blasted for dumping £30billion power bill on Britain by giving Hinkley nuclear power station the go ahead

THERESA May was tonight accused of dumping a £30 billion power bill on Brits after approving the country’s first new nuclear power plant for 20 years.

Experts were stunned as the Government gave the go-ahead to the Chinese-backed Hinkley Point project in Somerset without managing to change the eye-watering terms of the deal.

Under the agreement, France’s EDF and China’s CGN are guaranteed a price of at least £92.50 per megawatt hour for the power Hinkley produces – double the current market rate.

Any difference between the guaranteed price and the market rate once the plant is up and running will be picked up by households and firms – for a period of 35 years.

Experts fear this ‘subsidy’ could total £30 billion over the lifetime of the power plant - or nearly £25 a year on every electricity bill in the country.

The guaranteed price rises in line with inflation.

Tory backbencher Zac Goldsmith stormed: “At the end of its life this new power plant will have generated the most expensive energy in the history of energy generation.

“In its lifetime consumers will have ended up subsidising EDF to the tune of £30 billion.”

Peter Atherton of consultants Cornwall Energy told the Sun: “It’s a huge gamble economically.

“By the time is operational in 2026 we’d expect the strike price to be around £120 per megawatt hour given inflation between now and then.

“That’s the equivalent of an oil price of around $230 a barrel.

“We’re locking ourselves into buying very expensive power over a very long period of time.”

Theresa May delayed a decision on Hinkley Point earlier this summer because of security fears over the involvement of China’s state-owned CGN.

Announcing the Government’s approval today, Mr Clark said he had forced the French to accept that Ministers would have the power of veto if EDF ever wants to sell its controlling stake to CGN or another business.

All new foreign investment in critical infrastructure will also now be scrutinised for “purposes of national security”, he added.

Hinkley will create 25,000 jobs and produce the equivalent of 7 per cent of the UK’s power.

Mr Clark added British firms would secure £11 billion-worth of work during the construction programme.

Government sources tonight insisted Hinkley was vital to securing enough power to “keep the lights on” given coal plants will be killed off by 2025.

Speaking in the Commons, Mr Clark said: “Britain needs to upgrade its supplies of energy and we have always been clear that nuclear is an important part of ensuring our future low-carbon energy security.”

But only unions welcomed the announcement as MPs, watchdogs and green campaigners united to condemn the bill, the technology and the involvement of foreign investors.

The price terms were set by former Lib Dem Energy Secretary Ed Davey in October 2013 in the Coalition.

Speaking to the Sun today he insisted Chancellor George Osborne had “wanted to shake on a higher price”.

He said: “If people want to switch their kettle on in 10 years’ time and they want September to be even warmer this is the deal to go for.

“I challenge anyone to know the power price over the next 45 years. George Osborne was ready to shake on a higher price, he just wanted to get the deal done.”

But former Tory Chancellor Lord Lawson called Hinkley a “lousy deal”. The SNP’s Alex Salmond branded it a “monstrous, mind boggling financial folly”.

Separately, some senior Tories blasted Mrs May over No10’s intervention earlier this summer.

One former Tory minister told The Sun: “It has been a great fuss about nothing.

“It is the same deal, but now two months late, and the Chinese have been offended - and all for what?”