'to delay further its approval of Hinkley Point C by several months'
energy group EDF is to postpone its final approval of the £18bn
Hinkley Point C nuclear project near Burnham-On-Sea by several
months, according to media reports.
Business News reported on Friday evening (April 22nd) that EDF
will delay its final investment decision on the nuclear power
plant "by several months", according to a person familiar
with the matter.
comes as Chief Executive Officer Jean-Bernard Levy has reportedly
decided to push back the decision in order to consult with employees,
the person said, asking not to be identified.
unions threatened on Thursday to take the company to court if
workers are not consulted.
There has been speculation about the future of the Hinkley Point
plant since EDFs Chief Financial Officer Thomas Piquemal
resigned last month, saying it would put the company under too
much financial strain.
French Economy Minister Emmanuel Macron, who backs the project,
said the government would re-capitalize the company if needed,
some workers remained opposed.
final decision has been repeatedly delayed amid doubts over the
viability of the project, even as the utility formed a partnership
with China General Nuclear Power Corp and secured guaranteed power
prices from the U.K. government at about twice the current market
rate for 35 years.
finances have been strained by falling power prices and rising
competition, which threaten its future earnings.