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EU approves funding for UK's first nuclear plant for 20 years

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EU approves funding for UK's first nuclear plant for 20 years

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A new nuclear power station at Hinkley point in the south west of England has been given the go ahead after Brussels approved its funding.

The French utility company EDF is to build the plant – the first in Britain for almost 20 years – at an estimated cost of 30.4 billion euros.

Two reactors are planed for the site which will provide power for about 60 years and help in the current government’s drive away from fossil fuels towards low-carbon power.

But the project has been highly criticised due to the government guaranteeing EDF a price per energy unit of more than twice the current wholesale cost in compensation for building the plant.

Brussels stepped in saying it was against state aid rules and has insisted on some changes.

However the project is still being resisted by some EU members and Austria is to challenge it in court.