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« Should You Worry That the Stock Market Just Formed a “Death Cross”? | Main | Tennessee Valley Authority Kicks Off A Potential Nuclear Energy Rebirth »
Sunday
Sep202015

UK guarantees £2bn nuclear plant deal as China investment announced

Chancellor George Osborne has announced that the UK will guarantee a £2bn deal under which China will invest in the Hinkley Point nuclear power station.

Mr Osborne, who is in China, said the deal would pave the way for a final investment decision on the delayed project by French energy company EDF.

He said it would also enable greater collaboration between Britain and China on the construction of nuclear plants.

EDF welcomed the news but did not say if it put the project back on track.

Earlier this month EDF admitted the Hinkley project in Somerset, which was intended to allow the plant to generate power by 2023, would be delayed.

It came after the French firm announced in February that it had pushed back its decision on whether to invest in the plant.

The £24.5bn power station would be Britain's first new nuclear power plant for 20 years and is expected to provide power for about 60 years.

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