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World

UK nuclear power deal finally gets green light

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Opening sequence

World

UK nuclear power deal finally gets green light

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COMING UP:UK nuclear power deal finally gets green light

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Transcript

00:00:00
>> Signing up to a nuclear future, France's EDF to build Britain's first new nuclear power station in a generation, ending months of wrangling over the involvement of its Chinese partner. It's the second attempt to finalizing the £ 18 billion deal after a signing ceremony set for this summer was canceled at the last minute.
00:00:19
Reuters' Head that clerks says Britain's new Prime Minister wanted to dot the I's and cross the T's.>> Well, one could argue that, for a new Prime Minister comes in and finds such a huge project on her table, you could argue that it's logical and normal that she would want to have a closer look and see whether, really, this is a good deal for Britain.
00:00:40
Which is what she has done. And in the end, she has changed very little. She has introduced some sort of golden share which gives her government a right to stop EDF from selling its majority stake in the project. But, in essence, the deal has been pretty much left intact.
00:00:59
>> The new Hinkley plant will generate about 7% of Britain's electricity, but critics say it's too expensive and will burden UK consumers with needlessly expensive energy. And there are big risks for EDF, too.>> Building the EPR, which is one the safest, but also one of the most difficult to build nuclear reactors has been fraught to difficulties.
00:01:19
And there's one in Finland, one in France and two in China which all are years behind schedule and billions over budget. So the risk to EDF is significant. And in fact proven again by the fact that two credit rating agencies I've got a rating on the company, just because they feel that EDF is not adequately defended, or protected from any nuclear risks, on Hinkley point.
00:01:47
>> The Hinkley green lights, one of the first big strategic decisions of Mrs. May's government. Thursday's signing ceremony, was a low key affair. A sign perhaps, of the strain caused by her delay.