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Osborne Agrees To China Investing In UK Nuclear Plants
BBC NEWS, BUSINESS
October 17, 2013: The Chancellor, George Osborne, has announced that the UK will allow Chinese companies to take a stake in British nuclear power plants. The decision could lead to China taking a future majority stake in the development of the next generation of British nuclear power. Mr Osborne made the announcement on the last day of a trade visit to China.
The first China deal could be as early as next week, with the go ahead for a new £14bn plant at the Hinckley C site. The BBC's business editor, Robert Peston, says the big attraction for the chancellor in allowing Chinese companies to invest in Britain's nuclear industry is that they have deep pockets.
The Hinckley C project, in Somerset, will be led by the French state-controlled giant, EDF, which has been looking for a partner or partners to share the costs. EDF has been negotiating with three Chinese nuclear giants, CGN, CNNC and SNPTC, all of which have been seen by the chancellor this week. Our correspondent says he has been told that one or two of these will end up owning perhaps 30% of Hinckley C.
