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Further delay for UK Hinkley nuclear project, as EDF decides to consult unions

text Hinkley cancelledflag-franceFresh setback for Hinkley Point as EDF consults French unions, Telegraph UK   Alan Tovey 22 APRIL 2016  Plans by EDF to build the new Hinkley Point nuclear power station have been further delayed after the French energy company said it would consult with unions before announcing its final investment decision.

After a board meeting on Friday, the company said it had agreed a “significant” recapitalisation that would make it “possible for EDF to proceed with its strategic investment programme – including Hinkley Point C”.

However, the directors added they would go through a formal consultation process with unions over the decision. Although it will not be binding on the board, this statutory process would take 60 days, pushing it close to the June 23 referendum on whether or not Britain will remain in the UK.

Sources close to the French government – which is EDF’s majority shareholder with an 85pc stake – said administrative delays could easily push this consultation past the date of the Brexit vote.

The recapitalisation will see EDF raise €4bn (£3bn) to support its investment plans, with the Paris government planning to sign up for €3bn of the fundraising.

Consulting the unions over the decision presents fresh hurdles to the muchdelayed plan to build the Hinkley Point power station, the first in a fleet of new nuclear power stations for the UK.

Ten years ago, EDF was predicting Hinkley would be supplying power by 2017.

Unions are sceptical about whether EDF can afford the investment – which the French firm is financing two thirds of, with the rest coming from Chinese investors – and have made public their opposition to the scheme.

Some senior staff at EDF are also against the power company’s involvement in such a huge project…….http://www.telegraph.co.uk/business/2016/04/24/fresh-setback-for-hinkley-point-as-edf-consults-french-unions/

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

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