Business

UK cleared to heavily subsidize $39B nuclear plant

By Juergen Baetz
Published October 8, 2014 4:17pm ET
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UK cleared to heavily subsidize $39B nuclear plant
EU Commissioner for competition Joaquin Almunia addresses the media at the European Commission headquarters in Brussels, on Wednesday Oct. 8, 2014. The European Union's competition watchdog has accepted Britain's bid to heavily subsidize the construction and operation of a new 16-billion pound (dollars 26 billion) nuclear power plant. (AP Photo/Yves Logghe) | Yves Logghe

BRUSSELS (AP) — The European Union has approved Britain’s bid to heavily subsidize a new nuclear power plant, overriding opposition from environmentalists and questions over the project’s 24.5 billion pound ($39 billion) price tag.

The EU’s executive Commission said Wednesday it found the subsidies for construction and operation of the Hinkley Point plant won’t distort fair competition.

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