Hinkley Point! attention danger
the maneuvers are launched around the controversial construction project by EDF of two nuclear reactors EPR at Hinkley Point, in the south of England. After a confidential meeting Monday at the Elysee Palace, it is the turn of the Minister of Economy, Emmanuel Macron – which openly supports the project – to invite Monday, July 18 federations Energy and Metallurgy. The unions CGT, CFE-CGC and FO asking for several months postponement of the work. Officially estimated at £ 18bn, € 21.7 billion at current prices, Hinkley Point could cost much more expensive, € 44.5 billion according to our information.
A divided leadership
Several members of EDF management, we met, report serious disagreements into the entourage of the CEO, Jean-Bernard Lévy. “We fear that Hinkley Point – in which EDF has already spent more than € 3 billion – not seriously put in danger the group’s finances and with them the 158 200 employees working there, shows one of these executives. Since last year, it was in fact decided that the project would be financed entirely on the equity of the company. The risk is huge. “A situation that prompted the CFO Thomas Thornton to resign in March, calling the site” suicidal “. The investment is considered even more risky that the group is leaded by an abysmal debt, officially 37.5 billion €. But, through accounting operations, and especially by the presence of hybrid debt, it would actually be closer to 70 billion €
A cost undervalued
May the very serious financial markets Authority (AMF) banged his fist on the table summing EDF to revise its estimates upward. At the general meeting of shareholders on May 12, the head of the electrician …
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