| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/14/1093 (08.10.14) |
| Publication Date | 08/10/2014 |
| Content Type | News |
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In October 2014 the European Commission found revised UK plans to subsidise the construction and operation of a new nuclear power plant at Hinkley Point in Somerset to be in line with EU state aid rules. During the in-depth investigation, the UK agreed to significantly modify the terms of the project financing. As a result, the state aid provided would remain proportionate to the objective pursued, avoiding any undue distortions of competition in the Single Market. The modifications also reduced UK citizens' financial contribution to the project. In a statement released on the October 2014 Austria said it would not accept the decision and would take the European Commission to the European Court of Justice. The BBC noted that this was the first time that the European Commission had approved significant state aid for a new nuclear power plant in Europe - and as such, it would be seen as a big step forward for the European nuclear industry. The Nuclear Industry Association (NIA) welcomed the decision. The NIA was the trade association and representative voice of Britain’s civil nuclear industry. Greenpeace EU legal adviser Andrea Carta said: 'This is a world record sell-out to the nuclear industry at the expense of taxpayers and the environment. It’s such a distortion of competition rules that the Commission has left itself exposed to legal challenges. There is absolutely no legal, moral or environmental justification in turning taxes into guaranteed profits for a nuclear power company whose only legacy will be a pile of radioactive waste. This is a bad plan for everyone except EDF'. The Guardian reported on 17 October 2014 that the UK's National Audit Office had begun an investigation into the controversial subsidy regime for the planned new Hinkley Point C nuclear plant in Somerset. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_IP-14-1093_en.htm |
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| Subject Categories | Energy, Internal Markets |
| Countries / Regions | Austria, Europe, United Kingdom |
