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French corporation EDF and its zombie nuclear reactors

AREVA EDF crumblingEdF: Living with its ZOMBIE REACTORS!, Jonathon Porritt, 24 Apr 16, 

You seriously wouldn’t want to be a Director of EdF at the moment. The agenda for an average Board Meeting must be seriously gloomy on each and every occasion. Here’s how I imagine the key agenda items for their last meeting on 16th February – helpfullysummarised by EdF’s Company Secretary.

Item 1: Existing EPR construction projects
1.1 Olkiluoto (Finland)
Continuing, horrendous cost overruns, leading to ongoing legal stand-off with Finnish partners. Already delayed by seven years, but (hopefully!) could be finished by 2018.
1.2 Flamanville (France)
Continuing, horrendous cost overruns. Already delayed by nine years, but (hopefully!) could be finished by 2018.
1.3 Taishan (China)
Serious problems with both reactors under construction, but, this being China, everything’s shrouded in secrecy. WARNING: This could be much worse than we currently understand.
1.4 Pressure vessels
Still waiting for final safety assessment from French regulators. WARNING: There could be really serious problems here, despite our best efforts to ‘work with’ the regulator.
1.5 Deadlines/UK Treasury
These deadlines are now CRITICAL – as in EXISTENTIAL.
UK Treasury’s loan guarantees are linked to Flamanville operating successfully. And if it is not working properly by 2020, loan guarantee will be completely withdrawn.

Item 2: New reactors at Hinkley Point, Somerset………

Item 3: Extending the life of our UK reactors……

Item 4: Extending the life of our French reactors…….

Item 5: Energy Transition Law (France)…….

Item 6: Financial position…….

…..The implications of all this for the UK couldn’t possibly be more severe. Initially, HinkleyPoint was meant to be on stream by 2025, generating a whacking great 7% of total electricity supply. Earlier delays meant that this had already slipped to 2030. Now that the start date has slipped again, to 2019, AT THE EARLIEST, that 2030 date looks insanely optimistic…….

April 25, 2016 - Posted by | business and costs, France, UK

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