Britain approved a nuclear project worth £18 Billion

World News Nilgun Salim
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The UK government approved the project initiated by Electricite de France (EDF) to build two nuclear reactors in the south-western region of the kingdom, writes Bloomberg.

Hinkley Point C received the ‘green light’, as long as EDF does not take into consideration selling the biggest holding of shares before finalizing the construction and only with government approval.

‘After reviewing the proposal for Hinkley Point C, we introduced a series of measures to increase the security and we decided that we will continue with the project.’ said the UK Energy Minister.

The official announcement was made by the British Department of Energy. According to Bloomberg, in July, Theresa May decided to take a peek at the project, classified as ‘uncertain’ on the global market. Before the current Prime Minister got involved in the matter, the project received the ‘thumbs up’ from David Cameron, who believed the two nuclear reactors are a great method to reduce the greenhouse gas emissions.

The unexpected delay occurred due to the concerns raised by the investors regarding a potential raise in the subvention areas. China’s involvement in the project also might represent a risk. While EDF argues that development is vital for the future of the French nuclear industry, there are still concerns about the financial pressure required by the project.

According to chief executive officer Jean-Bernard Levy, the project is the key to ensuring the health of the French nuclear industry and providing work for struggling nuclear group Areva SA.