EDF Approves $24 Billion U.K. Nuclear Power Plant Project
- CEO has said Hinkley Point power plant is key for EDF
- U.K. says it won’t rule on project until later this year
QuickTake: The Debate Over Nuclear Power
Electricite de France SA’s board approved an 18-billion pound ($24 billion) project to build Britain’s first nuclear power plant in more than 20 years, shrugging off concerns that construction will financially strain the state-run utility. That prompted the U.K. government to say it won’t rule on the project until later this year.
The French company’s board voted Thursday to give Chief Executive Officer Jean-Bernard Levy a mandate to sign contracts for the construction of two nuclear reactors at Hinkley Point in the U.K. Ten members voted in favor, with seven opposed, two people familiar with the matter said, asking not to be identified because the meeting was private. U.K. Business and Energy Secretary Greg Clark said by e-mail that the government would carefully consider the project before deciding on it in “early autumn.”