financial blow for Hinkley Point C project near Burnham-On-Sea
giant EDF has given a strong hint this week that nuclear reactor-maker
firm Areva may pull out of funding the huge Hinkley Point C development
de Rivaz, EDF Energy chief executive told national media on Thursday
that Arevas proposed financial stake was "not existential
for the project.
is contracted to provide two of its European Pressurised Reactors
(EPRs) to the proposed power station but had also been lined up
as a key investor to take a 10 per cent stake in the £24.5bn
deepening financial troubles at the government-controlled French
company have thrown that investment in doubt, leading to further
delays for Hinkley C.
has this week reported a much-widened €4.8bn financial loss
more than its market cap of €3.6bn in part
due to massive cost overruns and delays constructing an EPR in
Finland, while another EPR at Flamanville in France has seen similar
de Rivazs comments appear to be similar to those he made
in summer 2012 when he said the project was "not depending"
on Centricas 20 per cent stake, just months before the British
Gas owner pulled out altogether.
said in October 2013 that it intended to retain only a 45pc to
50pc stake in Hinkley Point. As well as Arevas 10pc stake,
EDF planned to sell a combined stake of between 30pc and 40pc
to two Chinese groups: China General Nuclear Corporation and China
National Nuclear Corporation, and up to 15pc to other parties.
Chinese have been pushing for guarantees from the French Government,
which owns 85pc of both Areva and of EDF, to protect them against
cost overruns or Areva going bust.
de Rivaz said he was confident that the Hinkley Point project
would not be derailed whatever the outcome of the UK general election
and said a final decision on the project was expected "as
soon as possible" after the vote.