The subject is highly sensitive at EDF. Is it yes or no, to build two nuclear reactors at Hinkley Point new generation in the southwest of Britain? The final decision is looming as a new stage has been reached.
Small reminder of the facts: EDF unions are opposed to the construction of two EPR reactors in Britain because they believe the project too expensive (about 21 billion) financed by 16 billion EDF whose debt is already approaching 40 billion … greatly exceeds them by some.
Monday, July 4, EDF’s Central Works Committee declined to give an opinion on the project at a meeting in advisory. Representatives CGT, FO and CFE-CGC criticized the management not having provided the necessary elements to be able to rule … even less to issue a favorable opinion.
A summary proceedings were initiated by unions – a hearing is scheduled for September – but the procedure is not suspensive, EDF management is determined to move forward. President and CEO Jean-Bernard Levy would get the backing of its current board in July to give the starting signal of investments.
EDF is a public company. The State, which holds more than 85%, has a say
On this side, the Mass seems called. The last commemoration of the Battle of the Somme has also enabled Francois Hollande and British Prime Minister David Cameron to discuss the subject … reference is made in the final communiqué. The opinion is unanimous: the Hinkley Point project must emerge. Britain needs in terms of energy and the French side, the failure of Hinkley Point EPR would cantilever hundreds of employees. Not to mention the competition, especially Chinese, who engouffreraient into the breach
viable project despite Brexit
Ironically, the result of the June 23 referendum in the UK could give a boost to the Hinkley Point file. It must be concluded before a new government is appointed and possibly revisit the commitments made by Cameron, on departure.
Hinkley Point is a local investment for the local market. So even if the blow to the British Pound, the project’s profitability would not be undermined. At least that is what one finds at EDF.
Finally, some connoisseurs of the file, Hinkley Point project is supposed to restore the credibility of the EPR at Flamanville undermined in the Channel.
the question is how far the state shareholder of EDF agree to put the pot to maintain its prestige energy … if indeed he still has the financial means.
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