The Bad News 1: €45 Billion Bailout For French Nuclear Industry

‘A €45 billion bailout of France’s nuclear industry has been approved by European regulators, paving the way for a state backed rescue of Areva, developer of the reactor technology earmarked for use at Hinkley Point in Somerset (Robin Pagnamenta writes]. It collapsed last year after losses linked to a botched project in Finland. Areva, 87% owned by the French state, will take a €33 billion state loan to prop up its finances. EDF is set to acquire its core reactor unit, while uranium mining and other businesses will be spun off.’

from The Times 11th January 2017

BUT ALL IS NOT LOST…. In January 2016 we learnt that the Austrian, German and Luxembourg governments were appealing to the EU Court ofJustice against the EU’s agreement to the UK government’s huge subsidy to fund the construction of Hinkley C; a matter which could take years to resolve. These European governments may also challenge the above bailout as well. — Ed