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U.K., EDF sign $26B agreement on nuclear power plant

As expected, the U.K. government has signed an agreement for Electricite de France (ECIFF) to build the country's first nuclear power station in almost three decades in a project that will cost £16B ($25.9B) and create 25,000 jobs.

The construction of the plant, which will be located in south west England, is a major test over whether nuclear power has a future in Europe.

The agreement also includes options to build another two reactors in the south-east of the country.

EDF will own 45-50% of the venture, French engineering firm Areva (ARVCF) 10%, and two Chinese companies 30-40%.

Nuclear-power equipment makers include AZZ (AZZ) and Babcock & Wilcox (BWC).

Nuclear/uranium ETFs: NLR, NUCL, URA

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