BRUSSELS: European Union state aid regulators approved on Wednesday Britain's proposed 16-billion-pound (25.68 billion US dollar) nuclear power station to be built by French utility EDF.
The European Commission said Britain agreed to modify significantly the terms of the project financing, reducing the burden on British taxpayers.
The scheme gives EDF a guaranteed power price of 92.50 pounds per megawatt-hour for 35 years, more than twice the current market rate.
The EU executive said the changes agreed by British authorities would cut the subsidy by more than 1 billion pounds and that Britain's share of any windfall profit will also be more than 1 billion pounds.
The project at Hinkley Point, southwest England, is part of Britain's strategy to replace a fifth of its ageing nuclear power and coal plants, and a major export contract for France.
Reuters reported earlier on Wednesday that the proposal had been approved.
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