 "France's EDF approves contested British nuclear plan")
French energy giant EDF's board today approved building Britain's first nuclear power station in decades, a mammoth project which critics fear could bankrupt the French utility.
EDF's directors had been deeply divided over the planned construction of two nuclear reactors at Hinkley Point in southwest England for 18 billion pounds.
"At its meeting on 28 July 2016, EDF's board of directors made the final investment decision," the company said in a statement.
Upping the tension, one board member resigned just before the crunch meeting, saying he disagreed with the plan, reducing the board of directors to 17.
In a letter seen by AFP, Gerard Magnin said he could no longer support France's strategy to push nuclear energy at the expense of other options.
The EDF announcement was welcomed by Britain's Business and Energy Minister Greg Clark who said: "The UK needs a reliable and secure energy supply and the government believes that nuclear energy is an important part of the mix."
Before the deal can go ahead it must be approved by Prime Minister Theresa May, who will consider the details of the project before a final decision, expected in the autumn, the government said.
The Sizewell B nuclear power plant was the last to go online in Britain, starting generation in 1995.
The plan to build the EPR latest generation reactors, signed in 2013, is to be carried out by EDF with Chinese partner CGN, but has hit several snags since.
The reactors are due to go online from 2025.
Weighing on its viability is the decision of French nuclear company Areva to drop out because of financial difficulties and the subsequent takeover of Areva's obligations by EDF at the behest of the French government, which owns 85 per cent of EDF.
This pushed EDF, which was already struggling under a debt mountain of 37.4 billion euros (USD 41.4 billion) at the end of last year, to go further into the red, leading some to question the group's ability to juggle all its liabilities, including the renovation of France's nuclear operations and the takeover of Areva's reactors amid falling energy prices.
EDF's directors had been deeply divided over the planned construction of two nuclear reactors at Hinkley Point in southwest England for 18 billion pounds.
"At its meeting on 28 July 2016, EDF's board of directors made the final investment decision," the company said in a statement.
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Ten members of the board voted in favour of the deal, while seven voted against, a source told AFP.
Upping the tension, one board member resigned just before the crunch meeting, saying he disagreed with the plan, reducing the board of directors to 17.
In a letter seen by AFP, Gerard Magnin said he could no longer support France's strategy to push nuclear energy at the expense of other options.
The EDF announcement was welcomed by Britain's Business and Energy Minister Greg Clark who said: "The UK needs a reliable and secure energy supply and the government believes that nuclear energy is an important part of the mix."
Before the deal can go ahead it must be approved by Prime Minister Theresa May, who will consider the details of the project before a final decision, expected in the autumn, the government said.
The Sizewell B nuclear power plant was the last to go online in Britain, starting generation in 1995.
The plan to build the EPR latest generation reactors, signed in 2013, is to be carried out by EDF with Chinese partner CGN, but has hit several snags since.
The reactors are due to go online from 2025.
Weighing on its viability is the decision of French nuclear company Areva to drop out because of financial difficulties and the subsequent takeover of Areva's obligations by EDF at the behest of the French government, which owns 85 per cent of EDF.
This pushed EDF, which was already struggling under a debt mountain of 37.4 billion euros (USD 41.4 billion) at the end of last year, to go further into the red, leading some to question the group's ability to juggle all its liabilities, including the renovation of France's nuclear operations and the takeover of Areva's reactors amid falling energy prices.