A consortium led by the French EDF Group struck a new commercial agreement with the U.K. government on terms for building a proposed investment contract for the Hinkley Point C nuclear power station at Somerset in southwest England.
Hinkley Point C would be the first new nuclear energy facility in the U.K. since Sizewell B powered up in 1995.
Most of Britain's nuclear fleet is set for retirement between now and 2020, and investors in the Hinkley project are hoping they can be the ones to upgrade those aging power plants with new nuclear reactors and accompanying facilities.
Britain plans to submit its application for state aid clearance to the European Commission for a new nuclear power plant later this week, Energy Secretary Ed Davey said October 21.
Last week, the groups agreed on a “strike price,” or the guaranteed price at which EDF would sell the power from the reactor.