Hinkley Point is 'shovel ready' as Energy Bill reaches crucial stage Further independent research has already demonstrated the value that could be delivered to the UK economy. The Institute for Public Policy Research suggests that a boost to GDP of £5 billion a year could follow if all the new nuclear power stations earmarked by the Government's National Policy Statements go ahead. So the direct economic benefits are clear, but so, too, is the national energy need. Despite recent extensions to their lives, most of the existing nuclear power stations will cease operating in the next two decades. We urgently need to begin work to replace them. A majority of people in the country and in Parliament recognise that nuclear power must remain part of the energy mix. Nuclear is the long-term, consistent guarantee that Britain has the low-carbon energy that it needs. Already our existing nuclear power stations provide 17 per cent of the country's electricity - enough to supply half the homes in the UK. We recently announced a 10-year partnership with Network Rail to supply the railways with nuclear-backed power. Nuclear energy is already part of our everyday life and has been for 50 years. If the process to enable construction is a jigsaw puzzle, then that puzzle is almost complete. Over the past few years, government and industry have been working diligently to sort the pieces and put them into place. As more of the picture becomes clear, it also becomes easier to see what remains to be done. Just two more pieces need to be put in place. First, we await a final planning decision. Secondly, and, most crucially, there must be a balanced, stable and durable agreement on the price of the electricity generated. This price will form the basis of the contracts for difference and it will fix the price paid for each unit of electricity generated. To be durable, this price needs to be fair and balanced for both our company and the Government. I believe we can reach an agreement with the Government which will transparently display the economic viability of new nuclear, and which can underpin a robust business case for investors. This is vital to unlock the economic potential of a project based in Somerset which is as big as the Olympics. EDF is now closer than ever to being able to make a decision that could change the energy landscape in this country for generations to come. Get it right and the UK has a chance to ensure that it has the right energy mix for the long term. If collectively we duck this now, the opportunity to shape our own energy destiny will be lost - maybe forever. Vincent de Rivaz is Chief Executive of EDF Energy