UK, EDF Sign GBP 16 B Nuclear Plant Deal

The UK government and French company EDF have signed an agreement to build two nuclear reactors for a total cost of GBP 16 B, EDF said on Monday.

EDF Energy will lead a consortium, which includes Chinese investors, to build the Hinkley Point C plant in Somerset.

The two reactors planned for Hinkley are a key part of the coalition's drive to shift the UK away from fossil fuels towards low-carbon power, the BBC says.

The reactors are due to start operating in 2023 if constructed on time and would be capable of producing 7% of the UK's electricity.

These would be the first new reactors in the UK in around 20 years.

The announcement is not legally binding and it will be 2014 before EDF makes a final investment decision on the project. The plans will also require state aid clearance from the European Commission.

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