nuclear-news

The News That Matters about the Nuclear Industry Fukushima Chernobyl Mayak Three Mile Island Atomic Testing Radiation Isotope

Britain’s nuclear power project plans in turmoil

EDF turmoil exposes Britain’s reliance on Hinkley nuclear plan, Reuters, 8 Mar 16 LONDON | BY KAROLIN SCHAPS Management upheaval at EDF (EDF.PA) has exposed Britain’s reliance on the French energy group’s ability to deliver a planned 18 billion pound nuclear power plant in southwest England.

EDF CFO Thomas Piquemal quit on Monday in protest over the balance sheet risk posed by the Hinkley Point C project, one of a series of expensive challenges that the debt-laden and state-controlled group faces..

EDF and the British and French governments are saying the project remains on track, but turmoil at the top of EDF could mean a further delay to a plan that is already two years behind schedule……..

When Hinkley Point was announced in 2013, nuclear reactor maker Areva (AREVA.PA) was meant to take a 10 percent stake in the project. EDF has since initiated the takeover of Areva’s struggling reactor business, leaving the French energy giant with a hefty 66.5 percent majority stake.

China‘s General Nuclear Corporation (CGN) has agreed to buy into one third of the project.

The departure of CFO Piquemal was linked to his unwillingness to take on too much risk for a group that has net debt of over 37 billion euros (£29 billion), according to a source close to the matter.

“Piquemal was not the only one in the executive committee to have doubts about Hinkley Point C,” the source said………http://uk.reuters.com/article/uk-britain-nuclear-edf-hinkley-idUKKCN0WA1PQ

Advertisements

March 9, 2016 - Posted by | general

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: