General Electric Co (NYSE: GE) announced that it will receive $ 1.9 billion for the supply of steam turbines, generators and other equipment for the Hinkley Point C project, which is about the construction of the first nuclear power plant in the UK for several decades.
The UK authorities on Thursday approved the project, clearing the way for GE to begin construction of two steam turbines Arabelle with the capacity of 1,770 MW and generators capable of providing power for six million homes and produce about 7% of the country's need for electricity for 60 years, GE said. They will replace older coal-fired power plants, added GE.
GE has already started the first technical work under the project to build one of the largest nuclear power plants in the world.
The American industrial company was awarded the contract and the opportunity to participate in the project after the purchase of energy assets of the French Alstom last year. Alstom won the tender a few years ago, announced GE.
The UK decision "confirms our leadership in the field of technology, as well as the fact that buying Alstom was not such a bad decision" - said on Thursday CEO of GE Steam Power Systems, Andreas Luz.
The investment in the project, the construction of which will be carried out by the French state-owned company EDF (PA: EDF), includes $ 8 billion from the Chinese state company China General Nuclear PowerCorporation.
EDF announced that by agreement with the UK Government, it won’t sell a controlling stake in the project.
As for the US stock market, it closed Friday trading lower amid negative dynamics on the part of the oil and gas, finance and Industry sectors.
At the close on the New York Stock Exchange, Dow Jones fell 0.49%, S & P 500 fell 0.38%, and NASDAQ Composite Index fell 0.10%.