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Electricite De France : 6 union board members will oppose Hinkley Point nuclear project

text Hinkley cancelledEDF’s union board members to oppose Hinkley Point – sources, Yahoo 7 News, Reuters February 3, 2016 By Geert De Clercq  PARIS – The six union members on EDF’s 18-seat board would vote against the French utility’s plans for two nuclear reactors in the UK, but other board members do not want to postpone the project, sources familiar with the situation said.

The unions want EDF to put off the 18 billion pound project to build two Areva-designed European Pressurised Reactors (EPR) at Hinkley Point in southwest England until it has strengthened its balance sheet and started up at least one of the four EPRs it has under construction elsewhere.

A united front of EDF’s unions opposing a major investment decision would be unprecedented, but the lack of support from other board members removes a major element of uncertainty for the plan.

“If the Hinkley Point project was put to the board today, the six union representatives would all vote against it,” one of the sources told Reuters on Tuesday.

EDF first announced Hinkley Point in 2013 and said in Oct. 2015 that Chinese utility CGN would take a 33.5 percent stake in the project, but it has not yet taken a final investment decision as it struggles to find financing.

On Monday, EDF’s dominant CGT union, which has three board members, called on the firm to postpone the project, saying EDF should prioritise upgrading its ageing nuclear fleet in France, start up the long-delayed EPR it is building in Flamanville, and design a new-model EPR reactor…….

A united front of EDF’s unions opposing a major investment decision would be unprecedented, but the lack of support from other board members removes a major element of uncertainty for the plan.

“If the Hinkley Point project was put to the board today, the six union representatives would all vote against it,” one of the sources told Reuters on Tuesday.

EDF first announced Hinkley Point in 2013 and said in Oct. 2015 that Chinese utility CGN would take a 33.5 percent stake in the project, but it has not yet taken a final investment decision as it struggles to find financing.

On Monday, EDF’s dominant CGT union, which has three board members, called on the firm to postpone the project, saying EDF should prioritise upgrading its ageing nuclear fleet in France, start up the long-delayed EPR it is building in Flamanville, and design a new-model EPR reactor……https://au.news.yahoo.com/world/a/30718719/edfs-union-board-members-could-vote-against-hinkley-point-sources/

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February 3, 2016 - Posted by | business and costs, France, UK

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