raised over EDF's involement in Hinkley Point C project
giant EDF looks set to make a final decision next week on whether
to start the construction of Hinkley Point C near Burnham-On-Sea
amid new concerns from anti-nuclear campaigners.
newspaper Le Figaro says EDF may make the final decision
about the proposed construction of Hinkley C at its Board of Directors
meeting on 27th January.
campaign group Stop Hinkley has raised a number of new concerns
about the develeopment this week.
Roy Pumfrey said: "Ill believe it when I see it. This
is the ninth time EDF has said a final investment decision is
imminent. Just last October the chairman of EDF, Jean-Bernard
Levy, said work would be starting before the end of 2015."
would be completely reckless of the Board to give the go-ahead
to this £25 billion project when the company is in such
a parlous state."
company has already announced that it is considering selling assets
worth more than 6 billion Euros (£4.5 billion), including
a stake in its eight British nuclear plants, of which Hinkley
Point B is one, to fund Hinkley Point C. But it could only sell
a 29% share if it wants to retain a controlling 51% stake, so
this would only raise around 2.6 billion Euros."
added: "The company also needs 55 billion euros to upgrade
its ageing nuclear plants in France. EDF has also agreed to buy
between 51 and 75% of the struggling French reactor builder Areva
NP which is valued at 2.7 billion euros. So it will have to find
at least 1.4 billion euros for that."
is also to be considering disposing of its 49.99% stake in five
American reactors. But this sale would be complicated. At least
two of the reactors are at risk of closure due to economic pressures,
and EDFs partner, Exelon, is unlikely to be willing to take
on more liability."
continued: "Another possibility is that EDF will sell 50%
of its holding in the French power transmission business RTE.
It cannot sell more than half because 50% is allocated to its
decommissioning fund, which is segregated. There is, of course,
a risk in selling half because if it turns out to be worth less
than EDF has claimed it is worth for the decommissioning fund,
EDF would have to top up the decommissioning fund by the shortfall."
it really sensible for EDF to commit to building two EPRs at Hinkley
Point C when the Company is in such a precarious position and
there are still no EPRs operating anywhere in the world
it has just been announced that even the Chinese EPRs are about
four years late."