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06 Jan 2009 01:01:08

EDF completes purchase of British Energy

EDF completes purchase of British Energy
French energy giant EDF has purchased British Energy in a move that has been welcomed by the UK government.

The deal was finalised yesterday following a decision by EU competition regulators in December that the purchase could go ahead if certain conditions were met.

Ministers say that the move marks a "significant step" towards the setting up of new nuclear reactors in the UK.

The growth of nuclear power, it says, will allow the country to further its ambition to becoming a low carbon economy.

Energy and climate change secretary Ed Miliband said: "Given the challenge of climate change and energy security, it is right to embrace nuclear power as one of the technologies that can serve us in the future.

"Today's announcement marks an important step on the path to new nuclear power becoming a reality, just a year after we published the Nuclear Energy White Paper."

The deal was worth £12.5 billion and includes the 36 per cent stake in the company held by the government's Nuclear Liabilities Fund.



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