For UK's £16 Billion Nuclear Deal, It's a Go

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For UK's £16 Billion Nuclear Deal,  It's a Go

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Britain signed a deal with France's EDF to build a 16-billion pound nuclear plant, the first European country to offer state guarantees in order to fund a nuclear project.

The Hinkley Point C project in southwest England, the first new nuclear plant in Europe since the Fukushima disaster, is expected to start producing power from 2023. The government will guarantee it a price of up to 92.50 pounds per megawatt-hour of electricity for 35 years, more than twice the current market rate, EDF and the British government said on Monday.

Reporting by Geert De Clercq and Karolin Schaps, REUTERS.

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