EDF Strikes Deal With China on Three U.K. Nuclear Plants
- State-run utility to take 66.5% stake in Hinkley, first plant
- Final investment decision in next few weeks, de Rivaz says
EDF's Hinkley Point B nuclear power station near Bridgwater, U.K.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Electricite de France SA and China General Nuclear Power Corp. signed a strategic investment agreement to build three new nuclear power stations in the U.K. as old reactors retire and the nation plans to move away from coal to reduce greenhouse gas emissions.
Paris-based EDF will have a 66.5 percent stake in the first plant, Hinkley Point C, with CGN taking the remaining share. The Chinese company will provide 6 billion pounds ($9.3 billion) of the 18 billion-pound cost for the 3.2 gigawatt plant due online in 2025, Vincent de Rivaz, chief executive officer of EDF’s U.K. unit, told reporters in a call on Wednesday.