Paris-based utility company Electricite de France (EDF) together with Areva and two China-based nuclear firms would be constructing nuclear reactors in the UK. This would be the first nuclear plant in the country since 1995. According to Bloomberg, EDF would hold a 45% to 50% stake in the project. Areva would supply the reactors and would hold a 10% stake. Meanwhile, China Nuclear Power Corp and China National Nuclear Corp would own anywhere from 30% to 40%. Talks were said to be ongoing for up to a 15% stake in the nuclear plant.
EDF said the project, which would be located at Hinkley Point, would cost an estimated GBP 16 billion or USD 26 billion pounds. The time period for construction would be ten years. EDF agreed to build the plant after the government guaranteed the prices for the power generated from the plant. At a price tag of GBP 92.50 a megawatt-hour for 35 years, the price is nearly twice that of the current market rate.
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