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EDF refuses to set timetable for decision on Hinkley Point reactor
The latest bout of uncertainty follows the resignation of the chief finance director of EDF, the largely state-owned French company that would construct it. Thomas Piquemal felt that EDF’s share of the £18 billion investment needed to get the power plant up and running could harm the company’s prospects.
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The endless delays in setting a firm date for the final investment decision is seen by critics as a potent symbol of the nuclear industry’s inability to build power stations on time and on budget.
On Wednesday, EDF Energy’s CEO, Vincent de Rivas, told United Kingdom members of parliament that “clearly and categorically, Hinkley Point C will go ahead”.
“It has to be chosen prior to the general assembly of EDF, plus it is significant that people give our British partners complete exposure of the investment, which will be totally essential for them… also ahead of the deadlines which are significant for them”.
EDF faces substantial risks if it goes ahead with Hinkley Point.
Described by France’s Economy Minister, Emmanuel Macron, as “the principal nuclear project in the developed world”, it’s potentially risky, definitely controversial and could cost EDF over 22 billion euros.
Macron also said France is considering supporting EDF with a mechanism modelled on the Contract for Difference (CfD) scheme the United Kingdom has put in place for Hinkley Point.
“It is an example of us and the UK Government behaving in a very responsible way”.
The French energy giant has yet to signal its final approval for the costly British project.
Mr Hindley said: “A green light for the Hinkley development will be of regional and national importance, positioning the Heart of the South West as the market leader for the UK’s future energy security”.
In recent weeks both British and French governments have reiterated their support for the project which will supply low carbon electricity, meeting seven per cent of the UK’s needs.
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Then, in a letter to staff, the company’s chief executive Jean-Bernard Levy said the project needed to secure more funding from the French government.