nuclear-news

TODAY. A new Waterloo defeat for France – a nuclear economic one,

Almost 200 years before Electricite de France (EDF) signed a nuclear contract with Britain, France got decisively beaten by England, in the battle of Waterloo. That defeat ended France’s attempts to dominate Europe.

Now in 2024, France is suffering a humiliating blow, because of that 2016 contract. In essence, EDF agreed to be  solely responsible for cost overruns during construction of Britain’s Hinkley Point C nuclear power station.

To make matters worse, in 2022, the debt-laden EDF was fully nationalised by the French government, – which paid  9.7 billion euros to take on this burden.  Back in 2016, the plant was meant to cost £18bn; it’s now headed to cost. £46bn .

Sacre bleu indeed!

France’s President Macron aims to make the nation the dominating nuclear industry power. Delusions of grandeur indeed. Apart from his grandiose plans for new fleets of big and little reactors, - around his neck is – as The Guardian puts it –  a financial albatross that has only become heavier. 

January 27, 2024 - Posted by Christina Macpherson | Christina's notes