Hinkley Point power plant decision delayed

Hinkley Point power plant decision delayed

Électricité de France (EDF) (EPA:EDF) has delayed its decision to invest in the US$25.9 billion nuclear power plant at Hinkley Point in the UK until September.

France’s economy minister Emmanuel Macron said three conditions had to be put in place before EDF could go ahead with the Somerset project.

The minister said it would need to first ensure the energy company’s financial trajectory, after its recent $5.7 billion capital raising announcement.

“The President has confirmed France’s commitment,” said Macron. “A final investment decision could be confirmed next September.”

The delays have raised concern over its scheduled completion date. If the project is to go ahead it will not be completed by 2025, eight years after its original scheduled finish date.

French trade union officials say the project threatens the firm’s financial security. The nuclear project has proven controversial in the UK due to its costly construction.

EDF has also previously delayed other power projects in both France and Finland, causing concerns that Hinkley’s construction could face similar issues.

@RGNOnline