U.K. Nuclear Plan Advances With $15 Billion Loan Backing

The U.K. government’s decision to guarantee as much as 10 billion pounds ($15 billion) in debt for the first nuclear power station in two decades helps ensure Electricite de France SA will support construction of the plant.

Treasury Chief Secretary Danny Alexander announced backing for the project in southwest England yesterday as the Energy Department outlined subsidised rates for wind and solar power of at least 100 pounds per megawatt hour for the next three years. EDF has indicated it needs about 95 pounds a megawatt hour to move ahead with the project.