Former Electricite de France SA Chief Financial Officer says he quit because of financial risks of Hinkley nuclear project

Ex-EDF CFO Quit Over Financial Risks From U.K. Nuclear Project, Bloomberg, Francois De Beaupuy FrancoisDeBeaup

Piquemal says French utility needs to strengthen balance sheet
EDF can’t afford significant downgrade in rating: Piquemal

Former Electricite de France SA Chief Financial Officer Thomas Piquemal said he quit two months ago to highlight the risks of proceeding with the 18 billion-pound ($26 billion) Hinkley Point nuclear power project without additional financing.

The timetable pushed by EDF Chairman and Chief Executive Officer Jean-Bernard Levy for an investment decision on the U.K. project meant there wouldn’t have been time to strengthen the utility’s balance sheet, Piquemal told a hearing at the National Assembly in Paris. That would have left the company reliant on its 85 percent shareholder, the French state, providing funding and threatened EDF with the same fate as troubled nuclear-reactor builder Areva SA, he said.

“A new nuclear project is an extra risk for a company,” Piquemal said in his first public statement since quitting. “I didn’t want to approve a decision that could leave EDF in Areva’s situation one day.”……

Financial Strain

Speculation has mounted over the future of Hinkley Point since Piquemal resigned amid concerns the project would put EDF under too much financial strain, while labor unions have called for a three-year delay until similar nuclear plants built by the company start operating in France and China…….
EDF has held off on making a final investment decision even after forming a partnership with China General Nuclear Power Corp. and securing guaranteed power prices from the U.K. government at almost three times the current market rate for 35 years.Rating companies will probably downgrade EDF because large nuclear projects such as Hinkley Point will increase its risk profile, the ex-CFO said. While EDF had no financing problems at the end of 2015, it can’t afford a “significant” downgrade that would push its hybrid debt into the “junk” category because it would complicate a potential refinancing from 2020, Piquemal said. http://www.bloomberg.com/news/articles/2016-05-04/ex-edf-cfo-quit-over-financial-risks-from-u-k-nuclear-project

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How the viewing public was ‘protected’ from seeing what the Hiroshima and Nagasaki nuclear bombing did to people

Hiroshima and Nagasaki on the cutting room floor https://thebulletin.org/2019/08/hiroshima-and-nagasaki-on-the-cutting-room-floor/ By Thomas Gaulkin, August 5, 2019 Seventy-four years after nuclear weapons were first and last used in war, it can be challenging to conceive of the devastation they cause. But even in the immediate months after the atomic bombs were dropped on Hiroshima and Nagasaki in August 1945, news accounts offered a view of ingenuity and destruction that often elided the human cost.

The newsreels below [on original] were mainly screened to audiences in 1946 and 1947 and detail the destructive force of the explosions almost entirely through excited accounts of the structural damage to the cities. There’s occasional mention of the lost city populations and the scientific knowledge to be gained from studying their casualties, but hardly any description of what people actually suffered, let alone personal accounts. It’s instructive to look at and listen to these reports today, and contemplate what is missing.

The 12-minute reel below was produced by the US War Department in 1946. “Tale of Two Cities” makes selective use of film that was confiscated from a Japanese filmmaker, Akira Iwasaki—though you wouldn’t know that from the narration, which boasts that “army cameramen have found and filmed pictorial evidence that tells in twisted steel and stone the effect of death-dealing atomic power.” (Some twenty years later, historian Eric Barnouw obtained more of Iwasaki’s footage and produced a remarkably different narrative that documented the horrible physical impact of the attacks on Hiroshima’s citizens.)

Contrasted with the triumphant tone of the news/propaganda made for 1940s audiences, silence changes everything. Made public only decades later, the two films below —one beginning with footage of wounded victims, the other, a full-color glimpse of survivors picking up the pieces of the ruined city—report what those above do not, without a single word.

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