Europe backs Hinkley nuclear plant

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hinkley nuclear plant

A new £16bn nuclear power station at Hinkley Point in Somerset is to go ahead after it received final approval from European Union regulators.

The European Commission said Britain had agreed to “modify significantly” the financing for the project, reducing the burden on British taxpayers.

A total of 16 commissioners are reported to have voted in favour of the project.

The French firm EDF Energy is due to build the plant.

The Commission had been examining whether the funding for the plant broke state aid rules.

However, it said the changes agreed by the British authorities would cut the subsidy by more than £1bn.

The two reactors planned for Hinkley, which will provide power for about 60 years, are a key part of the coalition’s drive to shift the UK away from fossil fuels towards low-carbon power.

The nuclear power station is expected to begin operating in 2023.

SOURCE: http://www.bbc.com/news/business-29536793

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