Electricite de France SA Votes to Approve $24 Billion Nuclear Power Plant Project in U.K
Electricite de France SA Votes to Approve $24 Billion Nuclear Power Plant Projec

On Thursday, the board of French utility EDF narrowly voted to approve an 18 billion pound or $24 billion project to build the first nuclear power plant in Britain in two decades. That pushes concerns of financial strains from the construction on the state-run utility at the back seat.

The cost concerns had prompted the U.K. government to say that it will not rule on the project till later this year. With the approval from the board of Electricite de France SA, now the controversial project which will allow building two nuclear reactors in Hinkley Point, Britain is on the go.

The costly nuclear reactors carry big risks for both France as well as Britain. The project has faced criticism on accounts of being too expensive as well as a risky route of securing emission-free electricity.

The actual amount of electricity which the plants will generate will be sufficient to power six million homes or approximately seven percent of energy requirements in Britain. The West has not shown keenness in building new nuclear power stations after disaster struck Fukushima, Japan in 2011.

In a statement, EDF said its board has arrived at the final decision regarding the investment on the project. It has also given Jean-Bernard Levy, its chief executive the signing authority on all the required contracts. However, EDF did not mention the voting tally details of the board.