Point C 'is still proceeding' says EDF boss despite resignation
£18bn project to build two new nuclear reactors at Hinkley
Point near Burnham-On-Sea has been backed by EDF Energy's boss
this week a day after his finance director quit because
of concerns about the project.
future of the scheme to construct two reactors at Hinkley Point
has been called into question by the resignation of Thomas Piquemal,
EDFs finance chief.
Piquemal left the company over the weekend because of his fears
that the huge cost could prove too much of a strain on the companys
of his departure sent EDFs shares down as much as 10pc on
Monday but Jean-Bernard Levy, chief executive of EDF gave his
Levy said: "With the support of its shareholder, the state,
EDF can confirm that it is looking to invest in two reactors at
Hinkley Point under the best possible financial conditions for
the group, with the objective of making a final investment decision
in the near future."
relies on very strong operational results, the internal transformation
and the savings plans launched in 2015, and on investments in
support of the energy transition and the renewal of the nuclear
will finance £12bn of the cost of building the two 1,600
megawatt reactors, with China General Nuclear Power Corporation
kicking in the remainder.
analysts say the huge investment would tie up more than half of
EDFs capital in nuclear projects just as the energy world
is changing in a way that could mean atomic energy falls out of
Piquemal is understood to have shared concerns held by French
unions who want the Hinkley Point decision delayed for several
years until EDF completes work building reactors of a similar
type in its home nation.
on these French reactors is already years late and over budget.
EDF is also facing large maintenance bills for work on its existing
fleet of nuclear power plants.
add to the strain on its finances, EDF recently had to borrow
billions of euros to maintain its dividend payments. Shareholders
have also warned of the threat that Hinkley Point poses to EDF.