nuclear-news

Hinkley nuclear project – one crisis after another

Hinkley Point nuclear power station lurches into another crisis after director of £18bn project quits, This Is Money By EMILY DAVIES FOR THE DAILY MAIL 4 February 2016 Hinkley Point nuclear power station lurched into another crisis after the director of the £18bn project quit……..His resignation comes just days after EDF delayed giving approval to construction of Hinkley Point C as it struggles to find the billions of pounds to finance the deal.

Hinkley Point, in Somerset, has been beset with delays and cost overruns since 2010. EDF agreed a subsidy deal over Hinkley Point in 2013 and currently has a 66.5 per cent stake in the project, after Chinese utility CGN took a 33.5 per cent stake in the project.

But EDF has £28bn net debt and needs to find an estimated £41bn to extend the lifespan of 58 French nuclear plants. The company is said to be pressuring the French government, which owns 85 per cent of EDF, to take some of its stake in Hinkley Point.

And this week it emerged that the power station could be further put off, as five French union members on EDF’s 18-seat board came out in opposition of the project.  http://www.thisismoney.co.uk/money/markets/article-3430400/Hinkley-Point-nuclear-power-station-lurches-crisis-director-18bn-project-quits.html#ixzz3zKCwnvD2

February 8, 2016 - Posted by Christina Macpherson | general