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

|By:, SA News Editor

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