Nuclear in decline: EDF accumulates excesses, the State takes the hit and the French pay the bill without flinching.
The Hinkley Point EPR project, a symbol of budgetary excesses and opaque management, raises crucial questions about the future of French nuclear energy and the State’s financial commitment
, 05/09/2025, IN BRIEF
The Hinkley Point EPR project has become a financial disaster, with a budget that has ballooned to €54 billion.
EDF, now entirely state-owned, bears 85% of the costs , effectively committing public money without sufficient parliamentary control.
The Hinkley Point construction site is a logistical disaster , with working conditions criticized and significant delays to the schedule.
This project raises questions about French
energy policy and the future of nuclear power, calling for a thorough democratic debate.
This project raises questions about French
energy policy and the future of nuclear power, calling for a thorough democratic debate.
The National Assembly recently witnessed a heated debate surrounding the Hinkley Point EPR project, a project that has crystallized tensions surrounding the French nuclear industry. This project, initially presented as a technological showcase, has turned into a financial drain for EDF, and by extension, for French taxpayers. As the bill continues to mount, MPs are questioning budgetary overhangs and the lack of parliamentary oversight. Far from being a simple isolated incident, Hinkley Point raises crucial questions about the management of nuclear projects internationally.
When the bill explodes
The European Pressurized Power Plant (EPR) at Hinkley Point was supposed to be the flagship of the French nuclear industry. However, over the years, the project has accumulated delays, technical complications, and cost overruns. Initially estimated at £18 billion in 2016, the budget has now reached €54 billion. This cost explosion is symptomatic of poor management and an underestimation of risks from the outset. Aurélie Trouvé, a member of parliament for La France Insoumise, described the project as a “financial abyss” during a speech in the National Assembly .
The consequences of this financial drift are serious for EDF, a company now entirely owned by the State.
With 85% of the costs at its own expense, EDF is effectively committing public money without any real parliamentary safeguards . This situation is all the more worrying as it reveals a democratic anomaly: Bercy, the Ministry of Finance, does not have the construction contract, thus depriving MPs of a key element of control. The debate surrounding Hinkley Point is thus going beyond the technical sphere to become a major political issue.
EDF and the taxpayer’s hostage
The full nationalization of EDF in 2023 has redefined the stakes surrounding Hinkley Point. As the sole shareholder, the French state finds itself on the front line when it comes to the project’s budgetary implications. Aurélie Trouvé pointed out that the state was already an 85% shareholder during the initial negotiations in 2015 , making the lack of oversight over such a binding contract incomprehensible.
The withdrawal of Chinese partner CGN, initially planned to co-finance the project, left EDF alone to face the additional costs. In April 2025, Energy Minister Marc Ferracci called on the United Kingdom to assume its financial responsibilities. However, the British silence leaves uncertainty surrounding the future of the financing. This situation calls into question the role of the state in managing major industrial projects and the relevance of committing public money to such risky undertakings.
Symbol of an industrial shipwreck
Beyond the financial issues, Hinkley Point is also the scene of numerous logistical and human setbacks. The construction site, which was initially scheduled to be operational in 2025, has now seen its commissioning postponed to 2029, or even 2031. Working conditions on the site have also been singled out, with workers denouncing appalling conditions , as reported by the Guardian in a Guardian investigation.
The impact on EDF is significant. In 2024, the company had to record a €12.9 billion impairment charge due to the project’s difficulties. Moody’s has also downgraded EDF’s credit profile, highlighting the growing financial pressures on the company . These challenges illustrate the complexity of nuclear investments and the need for rigorous and transparent management.
A turning point for French nuclear energy
The management of Hinkley Point raises questions about the future of nuclear energy in France. As the country prepares to define its energy roadmap for the next ten years, the failure of this international project could influence future choices. Members of Parliament, such as Charles de Courson, are calling for a broader democratic debate on these issues, emphasizing that decisions made today will have lasting consequences for public finances and national energy policy.
This complex picture of Hinkley Point’s challenges and failures calls for a broader reflection on the state’s role in the nuclear sector. How can technological ambitions be reconciled with financial responsibilities? What lessons can be learned to prevent such projects from becoming financial disasters in the future? These essential questions must be answered to ensure a sustainable and responsible energy transition.
Emmanuel Macron open to stationing French nuclear weapons in other European nations.
French President Emmanuel Macron said he was “ready to open a
discussion” with European allies about stationing France’s nuclear
weapons on their soil, in an effort to beef up defences against Russia. The
comments made by Macron in an interview with the broadcaster TF1 on Tuesday
come as he has been holding talks with Germany, Poland and other European
countries to explore whether and how France’s nuclear deterrence could be
extended on the continent. Such a move is being considered in response to
signs that US President Donald Trump wants to scale back the American
military presence in Europe and force European countries to take more
responsibility for their own security.
FT 13th May 2025, https://www.ft.com/content/96231d9c-ee48-43b3-9c82-bdc4002b41a5
Inspection at the Flamanville EPR: the nuclear watchdog points out serious shortcomings
La Presse de la Manche 13th May 2025, https://actu.fr/normandie/flamanville_50184/inspection-a-lepr-de-flamanville-le-gendarme-du-nucleaire-pointe-de-graves-lacunes_62626503.html
Following an inspection into the subject of counterfeiting, falsification and fraud at the EPR site in Flamanville (Manche), the nuclear regulator, ASNR, has issued a severe report.
The affair had shaken the Flamanville EPR construction site (Manche). In February 2024 , journalists revealed cases of falsification involving an EDF supplier . The Flamanville construction site is directly concerned. Some parts, supplied by a subcontractor, are allegedly the subject of fraud . But it is difficult to obtain more information.
” Irregularities have been highlighted within two companies that are part of EDF’s supply chain and produce equipment for operating nuclear reactors as well as the Flamanville EPR reactor,” the Nuclear Safety Authority (ASN) simply admitted in a letter addressed to EDF.
An inspection carried out in March
The safety of the part is not in question. But the affair has revived concerns about fraud, counterfeiting and falsification in the nuclear sector .
A few months later, while the EPR continued its commissioning , the nuclear regulator, ASNR, published on its website the inspection follow-up letter concerning the Flamanville EPR on the theme of “Prevention, detection and treatment of the risk of counterfeiting, falsification and suspicion of fraud”.
For two days, on March 19 and 20, 2025 , the inspectors examined the implementation of the prevention policy , the training of staff on the subject, the monitoring of external stakeholders, the implementation of systems for collecting reports, etc. They carried out interviews with the central services and service providers. And, generally speaking, after this audit, the opinion of the ASNR is unequivocal , since it notes “ numerous weaknesses in the organization implemented.”
The inspectors noted: ”
Gaps in the local implementation of the national note on
irregularities ; weak promotion of the issue, with a lack of dedicated rituals and interfaces; a lack of periodicity in awareness-raising actions…”
Two months to react
The follow-up letter underlines that, generally speaking, it is “necessary to implement an organisation that allows the entire irregularity issue to be managed in a more robust manner, and that capitalisation around the sharing of feedback is still in its infancy and must be improved quickly “.
Seven pages of requests follow. EDF now has two months to formulate its observations and indicate the corrective measures taken in response to the ASNR’s findings.
Andra updates French repository cost estimate
Tuesday, 13 May 2025,
https://www.world-nuclear-news.org/articles/andra-updates-french-repository-cost-estimate
French radioactive waste management agency Andra has estimated the overall cost of constructing, operating and closing France’s planned deep geological repository for the disposal of high- and intermediate-level radioactive waste at between EUR26.1 billion (USD29.1 billion) and EUR37.5 billion (at 2012 prices).
France plans to construct the Centre Industriel de Stockage Géologique (Cigéo) repository – an underground system of disposal tunnels – in a natural layer of clay near Bure, to the east of Paris in the Meuse/Haute Marne area. The facility is to be financed by radioactive waste generators – EDF, Orano and the French Alternative Energies and Atomic Energy Commission – and managed by Andra.
Andra said the costing file is one of the key inputs for determining the cost of Cigéo, which will be finalised by the Minister of Industry and Energy by the end of 2025, after gathering comments from the main waste producers and the opinion of the French Nuclear Safety and Radiation Protection Authority (ASNR).
“This decree provides waste producers with a reference allowing them to establish the provisions they are required to make for the management of their waste,” Andra said. “The overall cost estimate for Cigéo is an iterative process carried out by Andra. This assessment will be revised at key stages of the project.”
In 2005, Andra estimated the cost of the facility at between EUR13.5 and EUR16.5 billion. However, in 2009 it re-estimated the cost at around EUR36 billion. In October 2014, Andra gave a revised cost estimate for Cigéo of EUR34.4 billion, based on 2012 prices. This estimate included EUR19.8 billion for the facility’s construction, EUR8.8 billion for operational costs over 100 years, EUR4.1 billion in taxes and EUR1.7 billion in miscellaneous expenses.
Andra has now issued an updated estimate for the cost of Cigéo. It says the cost of constructing and commissioning the repository will be between EUR7.9 billion and EUR9.6 billion, which includes design (excluding R&D), construction of surface infrastructure and the first storage areas, taxes, and insurance. From its commissioning in 2050, the average annual cost of Cigéo is estimated at between EUR140 million and EUR220 million per year, including operation, progressive construction, maintenance, and refurbishment over a period of about a century, followed by decommissioning and closure over about 20 years, or between EUR16.5 billion and EUR25.9 billion in total, including taxes and insurance. The R&D cost identified to date, including the operation and closure of the underground laboratory, is estimated at between EUR1.7 billion and EUR2 billion.
Andra said the 2025 costing file is consistent with Cigéo’s updated provisional schedule. “This schedule takes into account the additional time required to complete the detailed preliminary design studies (including the optimisations identified in 2016 following the first cost decision), the preparation of the support file for Cigéo’s creation permit application, and its review.”
Subject to the issuance of the creation authorisation decree in late 2027/early 2028, the receipt of the first waste packages is currently planned for 2050.
The cost decree to be set by the Minister of Industry and Energy – expected by the end of 2025 – “will serve as a reference for the project’s continuation until its next assessment,” Andra said. It also “provides waste producers with a reference allowing them to establish the provisions they are required to make for the management of their waste.”
Dispatch from France | May ’25
Clean Energy Wire, 02 May 2025, Camille Lafrance
Against the backdrop of the major blackout on the Iberian Peninsula in late April, which also affected parts of France, the country is heading for controversial discussions about its energy strategy for the coming decade. A focus will be on the future roles of renewables and nuclear power. The launch of France’s new generation of nuclear power plants was postponed for several years, while the country’s older reactors continue to cause problems.
- Delay to new generation of nuclear power plants – France’s new generation of nuclear power plants (known as EPR2) is set to go online three years later than previously planned. It is now meant to become operational by 2038, instead of 2035. EPR2 reactors are supposed to be simpler and cheaper to build. The EPR2 programme will be financed by a government loan, which should cover at least half the construction costs. EDF has called for more state money in order to reign in debt.
- Uranium supply and diplomacy – France could lose a large part of its uranium stockpile in Niger as that country’s hostile military leadership might sell it to Russia or China. The mine was operated by French state-owned uranium company Orano’s local subsidiary until the end of 2024. France is entirely dependent on uranium imports. In response, state-owned uranium company Orano is planning to mine the raw material needed for France’s fleet of 57 nuclear reactors in Uzbekistan………………………..
- The Flamanville saga continues – A new malfunction at the controversial Flamanville nuclear power plant has reignited a debate about the future of France’s ageing fleet of nuclear reactors. One of its reactors suffered a steam leak in late March. The incident occurred just one week after the reactor returned to the grid following a two-month maintenance shutdown. The plant already has a twelve-year history of delays and a ballooning budget (from 3.3 billion to 13.2 billion euros)………………………………….. https://www.cleanenergywire.org/news/dispatch-france-may-25
EDF seeks joint financing for UK projects
April 30, 2025, https://www.neimagazine.com/news/edf-seeks-joint-financing-for-uk-projects/?cf-view&cf-closed
DF is seeking to consolidate financing for the Hinkley Point C and Sizewell C NPPs under construction in the UK. French Energy Minister Marc Ferracci told the Financial Times that they should be treated as one financial venture in negotiations. He said he had discussed the issue with UK Energy Minister Ed Miliband on the sidelines of a conference in London.
“France and EDF are very committed to deliver the projects but we have to find a way to accelerate them, and we have to find a way to consolidate the financial schemes of both projects,” he said.
Both projects started out with equity stakes from Chinese state-owned nuclear development corporations but the UK government cancelled the arrangements because of “security issues”. The UK government partly replaced the funding and is seeking support from institutional investors.
Ferracci denied that the French government intended to use Sizewell as “leverage” against the financial troubles at Hinkley. “It is not a discussion about leverage, it is a discussion between friends and allies. . . So there is a way through, and I hope we will be able to find it in the next few months.”
He also called for a global solution that would result in a deal that benefitted EDF’s returns across both schemes. “It is a good approach to have a global approach to our relationship,” Ferracci said, adding more “grid connections between France and the UK” could come into the negotiations.
Meanwhile, workers at the Hinkley Point C NPP construction site are complaining about a significant rat infestation, raising health and safety concerns. In early April, the Unite and GMB trade unions at Hinkley Point C told EDF that the facility was overrun with rats. The unions said immediate action was needed as the rodents were “everywhere”. In recent months, workers have also complained about poor working conditions and low pay. In addition, hundreds of project staff went on strike in November over the inadequate security access to the site.
EDF’s new UK plants should be negotiated as one, French energy minister says.
EDF’s two UK nuclear construction projects at Hinkley Point and Sizewell
should be negotiated as a single financial venture, France’s energy
minister has urged, to prevent the French energy giant shouldering
significant cost overruns.
Marc Ferracci said he had held discussions on
the projects with Britain’s energy minister Ed Miliband on Thursday, on
the sidelines of an energy security summit in London. “France and EDF are
very committed to deliver the projects but we have to find a way to
accelerate them and we have to find a way to consolidate the financial
schemes of both projects,” Ferracci told the FT.
France has been lobbying
the UK government to help EDF with the finances of Hinkley Point C in
Somerset for more than a year. It argues that the French state-owned
electricity operator should not be left on the hook for cost overruns that
have taken the total bill to as high as £46bn. EDF — which has also
experienced long delays on other projects using the same reactor technology
in Finland and France — has warned that the first of two reactors at
Hinkley Point C could be delayed to as late as 2031, which would be six
years later than its original target.
The French company has a smaller
equity stake in the Sizewell C project in Suffolk, which it is also
developing. Ferracci denied that the French government was seeking to use
Sizewell as “leverage” to help bail it out of financial difficulties at
Hinkley.
FT 25th April 2025,
https://www.ft.com/content/0c50a553-3376-42d8-8ac5-c8aa84d2e78d
EDF’s two nuclear plants in Britain should be negotiated as one, French minister says.
Guy Taylor, Transport Reporter, 25 April 2025
EDF’s two nuclear construction schemes at Hinkley Point and Sizewell C should be treated as one financial venture in negotiations, according to France’s energy minister.
Marc Ferracci told the FT he had held discussions with the UK’s energy minister Ed Miliband at the sidelines of a conference in London on Thursday.
“France and EDF are very committed to deliver the projects but we have to find a way to accelerate them and we have to find a way to consolidate the financial schemes of both projects,” he said.
The French government has been pushing ministers in the UK to lend a hand with Hinkley Point’s floundering finances over the last year.
Costs on the nuclear project have risen to as high as £46bn and it argues EDF, the French state-owned energy firm, should not be forced to cover the overruns.
EDF’s equity stake in Sizewell C, a 3.2 gigawatt nuclear station on the Suffolk Coast, is smaller than Hinkley Point.
Ferracci denied that the French government was looking to use Sizewell as “leverage” against the financial troubles at Hinkley………………….. https://www.cityam.com/edfs-two-nuclear-plants-should-be-negotiated-as-one-french-minister-says/
Framatome and Sizewell C sign contract for EPR reactor instrumentation.
Framatome and Sizewell C have signed a contract for the supply,
qualification, and pre-assembly of conventional instrumentation for the EPR
reactors under construction at Sizewell, strengthening their collaboration
on this large-scale project.
Energy News 18th April 2025,
https://energynews.pro/en/framatome-and-sizewell-c-sign-contract-for-epr-reactor-instrumentation/
Newest French reactor faces further delays due to new issues.
By Reuters, April 11, 2025
EDF’s Flamanville 3 reactor outage was extended for an additional week to
carry out maintenance on three more components in the nuclear part of the
reactor, an EDF spokesperson told Reuters on Friday. The extension comes
after a two-month delay for maintenance on the cooling circuit and rotors
of the turbo alternator group.
The reactor is currently in the ramp-up
phase and has only produced a minimal amount of power since starting last
December. EDF said it could not provide specific details on the components
that require maintenance or the cost, but said that the summer date to
reach full power has not changed.
The maintenance to the turbo alternator
will only be measurable when the reactor is next connected to the grid, the
EDF spokesperson said, meaning that there could be an additional shutdown
if additional problems are found during the ramp up. EDF said that the
shutdown is a normal part of the ramp-up process where the equipment is
stress-tested before operating at full power and will be repeated several
times in the coming weeks and months. https://www.reuters.com/business/energy/newest-french-reactor-faces-further-delays-due-new-issues-2025-04-11/
The Flamanville EPR nuclear reactor will not be able to deliver its full power without major works.
According to our information, EDF has still not been able to identify the cause of the malfunction of the turbine in the Normandy reactor.
La Tribune Juliette Raynal, 04/07/25
After a doomed construction site, the Normandy reactor of the Flamanville EPR started up on December 21, twelve years behind schedule. Its entry into service does not signal the end of the problems, far from it. According to our information, the difficulties encountered with the turbo-alternator unit, the centerpiece of a nuclear power plant, will prevent the first French EPR from delivering its full electrical power without major intervention requiring the assembly of scaffolding inside a room that is difficult to access.
Contacted by La Tribune , EDF did not wish to comment on this information and indicated that it was maintaining its provisional schedule with the transition to 100% of its nominal power in the summer of 2025. “While technically the reactor could well reach its full thermal power in the coming months, the electrical power will be reduced by 10 to 20% due to the partial vacuum,” qualifies a well-informed source.
As we reported on March 13, EDF teams had to deal with abnormal heating in the turbo-generator unit. Located in the heart of the engine room, the 70-meter-long Arabelle turbine, manufactured by General Electric, but now owned by Arabelle Solutions, a subsidiary of EDF,
transforms the thermal energy contained in the steam into mechanical energy to drive the alternator that produces electricity.
The Arabelle turbine, the centerpiece of the power plant
In a technical document published following a general meeting, organized on February 25th within the framework of the Local Information Commission (CLI), the electrician revealed a malfunction: “The temperature increases beyond the authorized limit on stages 7 and 8 of the turbo alternator group when trying to reach the expected condenser vacuum . “
…………………………………….. the 57th reactor in the French fleet is still shut down due to a maintenance operation on equipment located in the nuclear part of the plant.
After several postponements, its start-up is expected on April 11. “While these adjustments allow the reactor to be restarted without exceeding the authorized heating levels, they will not allow it to operate at full power,” a well-informed source cautions. “The reactor will only be able to continue its tests at a partial vacuum,” the same source specifies.
……………………………..With the vacuum reduced, the turbine’s efficiency will be mechanically reduced and could therefore be between 10 and 20% below its nominal operating temperature.
The cause of the malfunction has not yet been identified.
“The work that has been carried out on the bearings is corrective work. It helps to reduce the fault that is causing excessive heating, but the teams involved do not expect this to completely resolve the problem. In short, it helps to treat the symptoms, but not the cause, which remains unidentified ,” reports this source.
According to our information, to attempt a diagnosis, EDF teams will have to install scaffolding inside the condenser itself. A room that is difficult to access since it is located just below the turbine. “It is an intrusive operation that requires a complete shutdown of the reactor for at least several weeks ,” according to this well-informed source.
“A nightmare to cope with”
Unlike a conventional shutdown for refueling, which lasts on average 30 to 40 days, this first break should last “at least 250 days ,” said Régis Clément, deputy director of EDF’s nuclear fleet division, during a press briefing on December 20. In other words, more than eight months. EDF also intends to take advantage of this interruption to replace the defective tank cover, required by the nuclear regulator.
While waiting for this operation, the various components of the turbine, due to its abnormal operation, could well be damaged. And for good reason, even if by lowering the vacuum level the defect becomes acceptable, it does not disappear. As a result, the bearings wear unevenly and mistreat the turbine. “This machine risks being a nightmare to operate ,” fears a person close to the case.
New EDF boss at mercy of ‘to-do list’ that ousted his predecessor
The new boss of French state-owned energy group EDF faces the same nearly
impossible tasks that led to the ousting of his predecessor: satisfying the
government’s often contradictory demands for cheap power to help industry
and the construction of costly new nuclear reactors.
Bernard Fontana, nominated as chief executive on March 21, is a seasoned industrialist who
has run EDF’s engineering arm Framatome for nearly nine years. He will
seek to avoid the fate of the previous chief executive Luc Rémont, removed
last month after just over two years because of repeated clashes with the
state.
On Fontana’s to-do list will be repairing relations with the
government, the company’s only shareholder, striking energy supply deals
with some of EDF’s biggest industrial clients, while also advancing plans
to build six nuclear reactors in just over a decade — a key initiative of
French President Emmanuel Macron, which was announced three years ago.
Fontana’s main challenge is to balance competing pressures of delivering
low rates for power, demanded by government and industry, while generating
profits that will help support vast investments required to launch new
nuclear reactors.
The company ran over budget and behind time on the
completion of Flamanville, a new nuclear reactor in northern France, and
faces budget and timing issues with the UK’s Hinkley Point. It has also
faced criticism that it is yet to outline timelines and costings for the
project to build the six new nuclear reactors, which were originally due by
the end of 2024.
Last month, the government pushed back the launch date
from 2035 to 2038, although observers have long considered the 2035 target
unachievable. In short, Fontana’s success will depend on whether he can
walk the tightrope of running EDF profitably while delivering the vast
capital outlay needed to reboot France’s nuclear sector. This will
require a major shift from Rémont’s uncompromising approach. “If
Fontana has taken the job, he’s understood the lesson [from Rémont’s
sacking]. If he hasn’t, he’s an idiot,” said another adviser.
FT 6th April 2025 https://www.ft.com/content/b9f39568-6029-4016-9c5f-0242dd8b9174
France’s UK energy apathy poses nuclear problem for Labour
France’s public spending watchdog is advising the country to cut back on its involvement in UK nuclear projects
Brad Gray, Tortoise 27th March 2025, https://www.tortoisemedia.com/2025/03/26/frances-uk-energy-apathy-poses-nuclear-problem-for-labour
EDF has reduced its stake in the Sizewell C nuclear power plant by a further 7.7 per cent, leaving the UK government with an 83.8 per cent share.
In 2022, a government buy-out to allow the Chinese state to exit the project made the UK the leading investor.
Last week Emmanuel Macron fired the EDF chief following a row over energy prices, and France’s public spending watchdog is advising the country to cut back on its involvement in UK nuclear projects and focus on small modular reactors instead.
As France reduces its investment, taxpayers are likely to foot more of the bill than anticipated – a tough pill to swallow as the chancellor slashes public funding.
When complete, Sizewell C is forecast to provide up to 7 per cent of the country’s electricity needs, with reactors lasting 60 years. Right now it’s a political headache.
EDF reduces stake in Sizewell C as boss sacked
the sacking raises “further fundamental questions about the wisdom of proceeding with the Sizewell C ‘Replica’ project of Hinkley Point C in which EDF is set to be deeply involved”
“Clearly Sizewell C could not reach a Final Investment Decision without taxpayers shouldering the bulk of the project’s massive cost – a hugely controversial choice given that the Chancellor is currently scrabbling around to save as much money as possible.“
25 Mar, 2025 By To s-sacked-25-03-2025/ https://www.newcivilengineer.com/latest/edf-reduces-stake-in-sizewell-c-as-boss-sacked-25-03-2025/
EDF’s ownership of Sizewell C has decreased to 16.2% and the UK government’s stake increased to 83.8%. Meanwhile, the French company’s chief executive has been axed and its financial stability has been called into question.
The UK’s flagship gigawatt-scale new nuclear projects under construction – Hinkley Point C in Somerset and Sizewell C in Suffolk – are both subject to intense scrutiny as costs rise and timelines slip.
Hinkley Point C is late and over budget, and Sizewell C is awaiting its delayed final investment decision (FID) which is scheduled to be made at the Spending Review on 11 June. The FID will reveal the final determination of who will fund the project and how. The government has already invested several billion pounds in developing it.
Hinkley Point C’s costs rose from around £25bn in 2015 to up to £34bn in 2024, and Sizewell C is projected to cost £40bn – double what it was estimated by EDF and the UK Government to cost in 2020. However, the Treasury disputes this latter figure.
EDF Sizewell C ownership stake reduced
On 24 February 2024, NCE reported that EDF was appearing to scale back its proposed ownership ambitions of Sizewell C.
EDF’s 2024 Annual results document laid out its contribution to the power plant, which is “subject to some conditions, including […] a share in ownership of the project of 10 to 19.99%, including a cap on financial exposure in value.” It also requires “a return on capital expected by EDF as an investor in line with market return for this type of assets, risk allocation profile and its investment policy.”
It is understood that the reason for selecting 19.99% rather than 20% is because a company buying 20% would have to set up a subsidiary entity to take the ownership.
Credit ratings agency Fitch Ratings announced in a ‘Rating Action Commentary’ on 21 March 2025 that the Sizewell C’s owners – the UK Government and EDF – had changed their ownership stakes.
EDF previously confirmed in its 2024 half year results that Sizewell C is owned 76.1% by the UK Government and 23.9% by EDF.
Fitch’s announcement said: “As of end-2024, the project was owned 83.8% by the UK government and 16.2% by EDF, down from 49.4% at end-2023.”
This marks a fresh drop in EDF’s ownership by 7.7 percentage points.
The decrease comes after French public spending watchdog Cour des comptes said EDF should scale back involvement in UK nuclear projects.
Macron sacks EDF chief and funds EDF reactors
In France, where the government has political control of the entirely state-owned EDF (Électricité de France), Macron fired the company’s chief executive Luc Rémont.
The UK’s Daily Telegraph linked Rémont’s ousting to EDF’s planned electricity price hikes for French industrial customers, of which Macron had promised to “take back control”.
Adding further pressure to EDF’s leadership, French building materials company Saint-Gobain chairman and chief executive officer Benoit Bazin, speaking to French business news channel BFM Business, accused EDF of “giving the middle finger to French industry”.
It has also been reported that the French state has agreed to issue a single subsidised loan “covering at least half the construction costs of six nuclear reactors”, according to the president’s office. It is understood that the six reactors are at the pairs at Penly, Gravelines and Bugey in France.
Former energy secretary reacts to ‘extremely concerning’ developments‘.
Backbench Conservative peer Lord Howell of Guildford reacted to the news. Howell was energy secretary in Margaret Thatcher’s government which supported the construction of nuclear power plants.
He described the reduced stake in Sizewell C as “one more development in growing concern about EDF’s capacity or ability to continue with Hinkley Point C project or take a large (20%+) position in the Sizewell C proposed project.”
Reflecting on the sacking of the EDF boss, he said this is “An extremely worrying development.”
He went on to say the sacking raises “further fundamental questions about the wisdom of proceeding with the Sizewell C ‘Replica’ project of Hinkley Point C in which EDF is set to be deeply involved”
Anti-Sizewell C groups say ‘alarm bells should be ringing’
Stop Sizewell C executive director Alison Downes said: “EDF has not contributed a single penny financially to Sizewell C for well over a year now, and is under growing pressure in France, not only having lost its boss but to scale back its international commitments across the board.
“Clearly Sizewell C could not reach a Final Investment Decision without taxpayers shouldering the bulk of the project’s massive cost – a hugely controversial choice given that the Chancellor is currently scrabbling around to save as much money as possible.
“Rachel Reeves should cancel Sizewell C now and redirect those funds to the Warm Homes Plan, which would lower energy bills and create jobs in every constituency.”
Chancellor Rachel Reeves has proposed austerity measures for the welfare state, which she says are needed to fund infrastructure developments, ahead of the Spring Statement and Spending Review.
Cuts to welfare, particularly covering disability and unemployment support, are proving to be unpopular with dozens of MPs on the left of the Labour party.
A Together Against Sizewell C (TASC) spokesperson said: “Alarm bells should be ringing as the UK government stake in Sizewell C increases to 84% with only the UK taxpayer currently funding Sizewell C’s development costs.
“This begs the question, ‘Why are EDF refusing to put any further money into Sizewell C?’ EDF have decided to build no more of this reactor design in France, indicating they have no confidence in the EPR design destined for Sizewell.”
The spokesperson went on to say: “EDF are broke, as evidenced by their desperate search for cash to finish Hinkley Point C’s construction.
“This is hardly a secure basis for the UK government to continue in partnership with EDF and certainly not a good advert to encourage potential investors.”
Referencing EDF’s plans for a final stake to be as low as 10%, TASC said: “This evidences that even the developer considers the Sizewell C development to be inherently
EDF and the Department for Energy Security and Net Zero did not respond to requests for comment.
France delays EPR2 reactors to 2038
The 4th meeting of France’s Nuclear Policy Council (CPN – Conseil de
politique nucléaire), chaired by President Emmanuel Macron, decided to
delay the commissioning of EPR2 reactors to 2038 – a postponement of
three years. The CPN, which has been held regularly since 2022, defines the
main orientations of national nuclear policy.
The EPR2 programme, announced
in February 2022, envisages the construction of six upgraded EPR reactors
with an option for eight more. The first three pairs of EPR2 reactors are
planned for the Penly, Gravelines and Bugey NPP sites. Construction is
expected to start in 2027. The cost was originally estimated at €51.7bn
($56.4bn), but this was revised upwards to €67.4bn in 2023, according to
the Court of Auditors. Taking inflation into account, a total budget of
nearly €80bn is now being considered.
Nuclear Engineering International 21st March 2025, https://www.neimagazine.com/news/france-delays-epr2-reactors-to-2038/
-
Archives
- February 2026 (199)
- January 2026 (308)
- December 2025 (358)
- November 2025 (359)
- October 2025 (376)
- September 2025 (258)
- August 2025 (319)
- July 2025 (230)
- June 2025 (348)
- May 2025 (261)
- April 2025 (305)
- March 2025 (319)
-
Categories
- 1
- 1 NUCLEAR ISSUES
- business and costs
- climate change
- culture and arts
- ENERGY
- environment
- health
- history
- indigenous issues
- Legal
- marketing of nuclear
- media
- opposition to nuclear
- PERSONAL STORIES
- politics
- politics international
- Religion and ethics
- safety
- secrets,lies and civil liberties
- spinbuster
- technology
- Uranium
- wastes
- weapons and war
- Women
- 2 WORLD
- ACTION
- AFRICA
- Atrocities
- AUSTRALIA
- Christina's notes
- Christina's themes
- culture and arts
- Events
- Fuk 2022
- Fuk 2023
- Fukushima 2017
- Fukushima 2018
- fukushima 2019
- Fukushima 2020
- Fukushima 2021
- general
- global warming
- Humour (God we need it)
- Nuclear
- RARE EARTHS
- Reference
- resources – print
- Resources -audiovicual
- Weekly Newsletter
- World
- World Nuclear
- YouTube
-
RSS
Entries RSS
Comments RSS
nuclear-news 