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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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