Europe backs Hinkley nuclear plant

bbc.com – 08/10/14
A new £24.5bn 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. In total 16 commissioners voted in favour of the project, just ahead of the 15 votes needed for approval.

EDF Energy is due to build the plant, the first in the UK in almost 20 years. The Commission had been examining whether the funding for the project broke state aid rules. However, it said the changes agreed by the British authorities would cut the subsidy by more than £1bn, meaning that state aid would remain “proportionate to the objective pursued, avoiding any undue distortions of competition”. Read More