EDF bosses will meet next week to make its long-awaited final decision on plans to build two nuclear reactors at Hinkley Point in Somerset.
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The company announced on Thursday night it has called a meeting of its board of directors in a week’s time.
The company’s share price was down 2.6 per cent this morning to €10.85 on the news.
The final investment decision on whether to build two reactors at Hinkley Point is on the agenda for the meeting.
The construction of two nuclear reactors in Hinkley Point, southwestern England, has the backing of the United Kingdom and France, which has a majority stake in EDF, but is waiting for the utility’s board to sign off on the project.
While the French and United Kingdom governments have backed the Somerset project throughout, unions on EDF’s board have called for the project to be delayed due to concerns over the financial burden the company will take on.
The Hinkley Point project remains controversial, criticized in France by some senior EDF officials and labor unions who are anxious about its impact on EDF’s finances, and in the United Kingdom where some politicians and environment groups consider it too expensive and risky. The Chinese group has said it would not go ahead on the project by itself if EDF drops out.
AN artist’s impression issued by EDF of plans for the new Hinkley Point C nuclear power station.
The total cost of the project is expected to be £18bn with China General Nuclear Corporation having previously agreed a deal to take a one-third stake in the plant, with EDF holding the remainder. “This is a welcome decision from EDF, and we look forward to the outcome”.
EDF has been consulting its work council over the deal amid concerns from French unions about its cost.
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It is seen as vital for the UK’s future energy needs as it would provide 7% of the country’s electricity when up and running in 2025.
