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Released May 02, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The future of the $26 billion Hinkley Point C nuclear power project in the U.K. has been cast into doubt again following another delay by French energy giant Électricité de France S.A. (EPA:EDF) (Paris, France) in making a final investment decision.
The decision, which the company was expected to make the on May 12, has been postponed until September. The firm was originally due to make a decision in February. For additional information, see April 1, 2016, article - EDF Delays U.K. Nuclear Investment Decision until May.
French newspaper Journal du Dimanche has quoted French Economy Minster Emmanuel Macron, stating that EDF will now wait until September to make a final decision.
"As I said to the unions, there are three prerequisites for the final decision," Macron said. "First, ensure the financial trajectory of EDF. Then decide on good governance by consultation with the employees. Finally, take the necessary measures to control this major project. The President confirmed the commitment of France. The final investment decision will be confirmed in September."
The 3,300-megawatt (MW) Hinkley project will be the first new nuclear build project in the U.K. in a quarter of a century and, on completion, will supply around 7% of the total electricity demand. However, the last six months have seen the project grind to a halt over investment concerns and internal disagreements at EDF. Last month saw the sudden departure of its chief financial officer, Thomas Piquemal, who was against the project and claimed it would place too much financial stress on the company.
Last month, the French government confirmed that it would offer financial support to EDF, of which it controls an 85% stake, to ensure that the Hinkley project would proceed. For additional information, see March 23, 2016, article - French Government to Back U.K. Nuclear Project.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The decision, which the company was expected to make the on May 12, has been postponed until September. The firm was originally due to make a decision in February. For additional information, see April 1, 2016, article - EDF Delays U.K. Nuclear Investment Decision until May.
French newspaper Journal du Dimanche has quoted French Economy Minster Emmanuel Macron, stating that EDF will now wait until September to make a final decision.
"As I said to the unions, there are three prerequisites for the final decision," Macron said. "First, ensure the financial trajectory of EDF. Then decide on good governance by consultation with the employees. Finally, take the necessary measures to control this major project. The President confirmed the commitment of France. The final investment decision will be confirmed in September."
The 3,300-megawatt (MW) Hinkley project will be the first new nuclear build project in the U.K. in a quarter of a century and, on completion, will supply around 7% of the total electricity demand. However, the last six months have seen the project grind to a halt over investment concerns and internal disagreements at EDF. Last month saw the sudden departure of its chief financial officer, Thomas Piquemal, who was against the project and claimed it would place too much financial stress on the company.
Last month, the French government confirmed that it would offer financial support to EDF, of which it controls an 85% stake, to ensure that the Hinkley project would proceed. For additional information, see March 23, 2016, article - French Government to Back U.K. Nuclear Project.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
