Thursday, July 28, 2016

New sword of Damocles over the English EPR project EDF – Les Echos

We thought the Hinkley Point project well and truly back on track, but it was not counting the statement issued yesterday by London. While EDF’s Board of Directors, which met on Thursday took the final investment decision on this long-awaited project to build two EPR reactors in the southwest of England, the UK government has stated that he wanted to give more time. “the government will consider carefully [the] project and make its decision in early fall,” said Greg Clark, Minister of economic Affairs and ‘energy.

£ 18 billion

An unexpected turnaround for Mr. Lévy who thought he could sign soon with the British authorities and its Chinese partner contracts for this project to 18 billion pounds ($ 21.5 billion). The first concrete was planned for mid-2019 and commissioning for 2025.

The project divides, even within the French electrician, was approved by a majority from the administration board. As expected, the six-employee directors who are not hostile in principle to investment in nuclear power, but who felt the company now too fragile to embark on a costly and risky project, voted against. Laurence Parisot, independent director, also opposed the project. But including the directors appointed by the State, the other independent directors and the CEO of the company, are a total of 10 voices that have brought on his behalf.

resignation of Gérard Magnin

the council, which has 18 members, had been reduced to only 17 people during the day, after the resignation of Gérard Magnin, network founder Energy Cities and administrator appointed by the state. “I had imagined that the period of profound change in energy systems worldwide would be conducive to a historic shift in EDF’s strategy towards an energy transition that the law should accelerate. [...] On the contrary, EDF’s center of gravity moves further towards nuclear “ he explained. This resignation has therefore not affected the final decision.

Despite the risks of the project, highlighted by delays and cost overruns observed in other EPR under construction in Finland or Flamanville in Normandy, EDF management considers this crucial project. From an industrial point of view, first, to bridge the gap between its current projects and future orders hoped for in France. It is well to maintain employment in the French nuclear industry and restore its credibility in export. Jean-Bernard Levy has also repeatedly stated that it is a very profitable project, with an expected rate of return of 9% after tax.

by EDF also informed the Board of ongoing discussions with the government on the compensation project related to the closure of the Fessenheim plant. There will be a fixed part related to the closure itself and a variable on the shortfall of EDF.

VIDEO. English EPR: figures challenge for EDF

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